Tiffany earnings for the first quarter of 2019 have TIF stock heading higher on Tuesday.
Tiffany (NYSE:TIF) reported earnings per share of $1.03 for the first quarter of the year. This is a drop from the company’s earnings per share of $1.14 from the same time last year. However, it was good news for TIF stock by beating out Wall Street’s earnings per share estimate of $1.02 for the quarter.
Net income reported in the Tiffany earnings release for the first quarter of 2019 comes in at $125.20 million. This is down from the company’s net income of $142.30 million reported in the first quarter of 2018.
The Tiffany earnings report for the first quarter of the year also includes operating income of $160.90 million. That’s a decline from the company’s operating income of $204.30 million reported in the same period of the year prior.
Tiffany earnings for the first quarter of 2019 have revenue coming in at $1.00 billion. This is down from the company’s revenue of $1.03 billion reported in the first quarter of the previous year. It also comes in below analysts’ revenue outlook of $1.02 billion for the period, but that wasn’t keeping TIF stock down today.
“Our first quarter results reflect significant foreign exchange headwinds and dramatically lower worldwide spending attributed to foreign tourists,” Alessandro Bogliolo, CEO of Tiffany, said in a statement. “That said, we were pleased that, at the core of our business, global sales attributed to local customers, led by sales in China, grew over last year’s very strong sales results.”
TIF stock was up 4% as of Tuesday morning and is up 10% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.