Tiffany & Co (NYSE:TIF) stock was falling hard on Wednesday after releasing its earnings report for the third quarter of the year.
During the third quarter of 2018, Tiffany & Co reported revenue of $1.01 billion. This is an increase over the company’s revenue of $976.20 million reported in the third quarter of the previous year. Unfortunately for TIF stock, this has it coming in below analysts’ revenue estimate of $1.05 billion for the period.
Tiffany & Co reported earnings per share of 77 cents for the third quarter of the year. This is down from the company’s earnings per share of 80 cents from the same time last year. However, it did still match Wall Street’s earnings per share estimate for the quarter, but couldn’t keep TIF stock from falling today.
Net earnings report for Tiffany & Co for the third quarter of 2018 came in at $94.90 million. This is a drop from the company’s net earnings of $100.20 million reported in the third quarter of 2017.
Tiffany & Co’s earnings report for the third quarter of the year also includes operating income of $126.40 million. The luxury jewelry and specialty retailer reported operating income of $164.00 million for the same period of the year prior.
Tiffany & Co also notes that it isn’t making any changes to its outlook for the full year of 2018. The company continues to expect earnings per share between $4.65 and $4.80 for the year. This isn’t good news for TIF stock as Wall Street is looking for earnings per share of $4.83 in 2018.
TIF stock was down 11% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.