Restoration Hardware (NYSE:RH) stock was down on Wednesday following the release of its earnings report for the second quarter of 2018.
During the second quarter of the year, Restoration Hardware reported earnings per share of $2.49. This is an increase over its earnings per share of 65 cents that was reported in the second quarter of 2017. It also came in above Wall Street’s earnings per share estimate of $1.74 for the quarter, but wasn’t enough to keep RH stock from falling.
Restoration Hardware’s earnings report for the second quarter of 2018 also includes net income of $64.04 million. This is better than the company’s net loss of $7.86 million that was reported in the same period of the year prior.
Operating income reported by Restoration Hardware in the second quarter of the year came in at $85.38 million. The company’s operating income from the second quarter of the previous year was $12.12 million.
Restoration Hardware also reported revenue of $640.80 million for the second quarter of 2018. This is up from its revenue of $615.33 million that was reported during the same time last year. However, it was bad news for RH stock by not meeting analysts’ revenue estimate of $661.00 million for the period.
Restoration Hardware also took time to update its guidance for 2018 in its most recent earnings report. The company says that it is now expecting earning per share to range from $7.35 to $7.75. It’s previous guidance was for earnings per share between $6.34 and $6.83. RH also lowered its 2018 revenue guidance to growth of around 2%. Wall Street is looking for earnings per share of $6.71 on revenue of $2.56 billion for the year.
RH stock is down 10% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.