Macy’s stock was down on Wednesday despite the company’s reporting an earnings beat for the third quarter of 2018.
Macy’s (NYSE:M) reported earnings per share of 27 cents for the third quarter of the year. This is better than the company’s earnings per share of 21 cents from the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of 14 cents for the quarter, but couldn’t keep Macy’s stock from falling today.
During the third quarter of 2018, Macy’s reported net income of $62 million. This is an increase over the company’s net income of $30 million reported in the third quarter of 2017.
Operating income reported by Macy’s for the third quarter of the year came in at $147 million. The retail company’s operating income from the same time last year was $118 million.
Macy’s also reported revenue of $5.40 billion for the third quarter of 2018. This is up from the company’s revenue of $5.28 billion that was reported in the third quarter of the previous year. It also matches analysts’ revenue estimate of $5.40 billion for the period, but was unable to stop Macy’s stock from falling on Wednesday.
Macy’s most recent earnings report also sees it updating its outlook for the full year of 2018. The company now expects earnings per share for the year to range from $4.10 to $4.30. It’s previous earnings per share guidance was between $3.95 to $4.15. Wall Street is looking for earnings per share of $4.07 for the year.
M stock is down 2% as of Wednesday morning, but is up 35% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
