G-III Apparel Shoots Higher on Strong Earnings Beat

G-III Apparel (NASDAQ:GIII) stock was up on Thursday following the release of its earnings report for its fiscal second quarter of 2019.

G-III Apparel Shoots Higher on Strong Earnings Beat

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During its fiscal second quarter of the year, G-III Apparel reported earnings per share of 22 cents. This is a major improvement over the company’s losses per share of 15 cents from the same time last year. It was also good news for GIII stock by beating out Wall Street’s earnings per share estimate of 3 cents for the quarter.

G-III Apparel also reported net income of $10.08 million for its fiscal second quarter of 2019. The clothing company reported a net loss of $8.57 million for its fiscal second quarter of 2018.

Operating income reported by G-III Apparel for its fiscal second quarter of the year came in at $23.23 million. This is an increase over the company’s operating loss of $3.60 million reported in the same period of the year prior.

G-III Apparel’s earnings report for its fiscal second quarter of 2019 also includes revenue of $624.70 million. This is better than the company’s revenue of $538.01 million that was reported in its fiscal second quarter of the previous year. It was also a boon to GIII stock by coming in above analysts’ revenue estimate of $590.11 million for the period.

G-III Apparel also took time in its most recent earnings report to update its guidance for fiscal 2019. The company is now expecting earnings per share between $2.52 and $2.62 on revenue around $3.06 billion. The company’s previous guidance was for earnings per share between $2.27 and $2.37 on revenue around $2.97 billion. Wall Street is looking for earnings per share of $2.37 on revenue of $2.99 billion for fiscal 2019.

GIII stock was up 4% as of Thursday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/09/g-iii-apparel-shoots-higher-on-strong-earnings-beat/.

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