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PriceSmart, Inc. Stock Sinks Following Earnings Miss

PriceSmart (NASDAQ:PSMT) reported its latest quarterly earnings results during regular trading hours Friday, unveiling underwhelming results that missed analysts’ expectations and sent its shares slumping.

PriceSmartThe company posted its fiscal third-quarter net income on the day, which tallied u to $18.7 million, or roughly 61 cents per share. This figure is slightly below the grocery chain’s year-ago figures of roughly $18.8 million, or 62 cents per share.

Analysts were calling for PriceSmart to bring in earnings of roughly 63 cents per share for its third quarter of fiscal 2018, according to data compiled by a FactSet survey. Revenue was higher than in the year-ago quarter as it came in at $782.2 million, compared to the year-ago total of $730.3 million.

Wall Street was calling for revenue of roughly $777.1 million, according to data compiled by FactSet. PriceSmart has 40 stores in Central America, South America and the Caribbean.

PSMT stock was down about 10.7% during regular trading hours following the company’s subpar quarterly earnings results on Friday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/07/pricesmart-inc-psmt/.

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