Signet Jewelers (NYSE:SIG) earnings for fiscal fourth quarter of 2020 have SIG stock soaring higher on Thursday. That’s due to its adjusted earnings per share (EPS) of $3.67, which is well above Wall Street’s estimate of $3.47. The jewelry company’s revenue of $2.15 billion also beats out analysts’ estimates of $2.12 billion.
Let’s take a more thorough look at the most recent Signet Jewelers earnings report below.
- Adjusted per-share earnings are down 7.32% from $3.96 in the fiscal fourth quarter of 2019.
- Revenue for the quarter is sitting slightly lower than the $2.16 billion from the same time last year.
- Operating income of $223.2 million is a positive switch year-over-year from an operating loss of $83.5 million.
- The Signet Jewelers earnings report also contains a net income of $178.8 million.
- That’s an improvement over the company’s net loss of $116.2 million from the same period of the year prior.
Virginia Drosos, CEO of Signet Jewelers, said this about the SIG stock earnings report:
“What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint. In addition, we have accessed $900 million from our revolving credit facility, suspended our common dividend, and elected to pay the May quarterly dividend on the preference shares in kind rather than in cash.”
The Signet Jewelers earnings report doesn’t include an outlook for fiscal 2021. Like many other companies, SIG isn’t providing an outlook due to the disruptions caused by the coronavirus from China.
SIG stock was up 29.88% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.