Levi Strauss (NYSE:LEVI) earnings for first quarter of 2020 have LEVI stock up after-hours Tuesday. That comes after reporting adjusted earnings per share (EPS) of 40 cents, which is above Wall Street’s estimates of 35 cents. The clothing company’s revenue of $1.51 billion also comes in higher than analysts’ estimates of $1.47 billion.
Here’s what else is worth mentioning from the most recent Levi Strauss earnings report.
- Adjusted per-share earnings for the quarter are up 5.26% from 38 cents during the same time last year.
- Revenue comes in 4.86% higher than the $1.44 billion reported in the first quarter of 2019.
- Operating income of $178.78 million is an 11.01% drop year-over-year from $200.91 million.
- The Levi Strauss earnings report also includes a net income of $152.69 million.
- That’s a 4.26% increase compared to its net income of $146.45 million from the same period of the year prior.
Harmit Singh, executive vice president and CFO of Levi Strauss, said this about the LEVI stock earnings:
“Significant gross margin expansion, lower inventory and higher earnings all contributed to strong financial performance in the first quarter of 2020. “In the short term we are reducing costs and capital spend while managing inventory and gross margins. We’ve built a healthy balance sheet that provides us significant liquidity to both weather the storm in the near term and emerge from this stronger, with our long-term growth algorithm intact.”
The Levi Strauss earnings report also includes a guidance update. The company is withdrawing its 2020 outlook. This is due to the novel coronavirus from China having a negative effect on the economy.
LEVI stock was up 3% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.