Party City (NYSE:PRTY) stock isn’t doing so hot on Tuesday after posting results from its Halloween quarter.
Although the third quarter is typically a strong period for PRTY stock, the company reported an adjusted EPS loss of $1.39. That’s a massive disappointment next to Wall Street’s estimate of -10 cents per share for the period. It’s also a negative switch from the 2 cents per share reported in Q3 2021.
Also not helping PRTY stock is the company’s revenue of $502.2 million. Yet again, that failed to reach analysts’ average estimate of $514.9 million for the quarter. Revenue also decreased 1.6% year-over-year (YOY).
PRTY Stock: Party City Cuts Guidance Again
For the report, Party City’s forward outlook included a revenue range of between $2.14 billion and $2.19 billion for the full year of 2022. Investors aren’t excited about that, considering Wall Street’s full-year revenue estimate of $2.16 billion. That will have the company cutting it close at the midpoint of its range.
Party City noted that it also reduced guidance again as inflationary headwinds continue to affect the business. That’s despite the company’s latest results matching what it had expected for the quarter.
All of this news has PRTY stock experiencing heavy trading on Tuesday. As of this writing, more than 15 million shares have changed hands. That’s well above the daily average trading volume of 6.9 million shares.
PRTY stock is down 40.4% as of Tuesday morning and down about 85% since the start of the year.
Traders seeking out more of the latest stock market news are in the right place!
InvestorPlace is home to all of the biggest stock stories traders need to know about on Tuesday! That includes why shares of SunPower (NASDAQ:SPWR), Hims & Hers (NYSE:HIMS) and Norwegian Cruise Line (NYSE:NCLH) stock are in the news today. You can read up on all of that at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.