Levi Strauss Earnings: LEVI Stock Soars 12% on Stellar Q3 Beats

Levi Strauss (NYSE:LEVI) earnings for the clothing company’s third quarter of 2020 have LEVI stock on the rise after-hours Tuesday. That’s thanks to its adjusted earnings per share of 8 cents stomping Wall Street’s adjusted losses per share estimate of 22 cents. The company’s revenue of $1.06 billion also handily beat analysts’ estimates of $822.24 million.

a stack of white t-shirts with the Levi's (LEVI) logo on them

Source: Papin Lab / Shutterstock.com

Here’s what else is worth mentioning from the most recent Levi Strauss earnings report.

  • Adjusted per-share earnings are down 74.2% from 31 cents during the same time last year.
  • Revenue for the quarter comes in 27% lower than the 1.45 billion reported in Q3 2019.
  • Operating income of $92.33 million is a 36.1% decline year-over-year from $171.22 million.
  • The Levi Strauss earnings report also has net income coming in at $27 million.
  • That’s a 78% fall from the company’s net income of $124 million in the same period of the year prior.

Harmit Singh, executive vice president and CFO of Levi Strauss, said this in the earnings report.

“We bounced back this quarter, delivering profitability and generating strong cash flows. The strength of the Levi’s brand is demonstrated in our gross margins, and revenues have been recovering from COVID-19 related disruptions faster than expected, driven by e-commerce, international and our women’s business, particularly within Europe and in the United States.”

Levi Strauss plans to provide guidance in its upcoming conference call going over the current quarter. That call starts at 5 p.m. Eastern Time and will be available on its website via a livestream.

LEVI stock was up 11.8% after markets closed on Tuesday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/levi-strauss-earnings-pump-stock-up/.

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