Express stock started off strong on Wednesday after the release of its earnings report for the second quarter of 2018 before falling.
Express’ (NYSE:EXPR) earnings report for the second quarter of the year starts off with earnings per share of one penny. This is matches the company’s earnings per share from the same time last year. It also beat out Wall Street’s flat earnings per share estimate for the quarter, but couldn’t keep Express stock up today.
Net income reported by Express for the second quarter of 2018 came in at $2.23 billion. The fashion retailer reported a net loss of $11.89 million during the second quarter of the previous year.
Express also reported operating income of $2.68 million for the second quarter of the year. This is better than its operating loss of $16.03 billion that was reported in the same period of the year prior.
During the second quarter of the year, Express also reported revenue of $493.61 million. This is an increase over the company’s revenue of $481.21 million that was reported in the second quarter of 2017. EXPR’s revenue also came in above analysts’ estimate of $483.48 million for the period, but wasn’t able to stop Express stock from falling.
Express’s most recent earnings report also includes its outlook for the third quarter of 2018. The company is expecting earnings per share to come in between 8 cents and 11 cents. This should be good news for Express stock, as Wall Street is looking for earnings per share of 7 cents during the quarter.
EXPR stock reached a peak increase of 14% Wednesday morning before falling to a 6% decrease just before noon.
As of this writing, William White did not hold a position in any of the aforementioned securities.