NEW YORK (AP) -- Iconix, a clothing brand licensing company, said Wednesday that its second-quarter net income climbed 35 percent, driven by a rise in licensing revenue.
The performance beat analyst expectations and the company lifted its full-year adjusted earnings forecast above Wall Street's view, but shares slipped in morning trading.
For the three months ended June 30, Iconix earned $38.7 million, or 66 cents per share. That's up from $28.6 million, or 40 cents per share, a year ago. An 18 percent reduction in the number of outstanding shares gave a 13-cent boost to the recent quarter's per-share results.
Removing an accounting measure, adjusted earnings for the recent quarter were 72 cents per share.
Analysts, on average, predicted earnings of 56 cents per share, according to FactSet.
Iconix, whose brands include Joe Boxer, Mudd and Starter, said revenue increased 23 percent to $115.1 million from $93.6 million. Wall Street expected $112.6 million in revenue.
The New York company now expects 2013 adjusted earnings of $2.20 to $2.30 per share, up from previous guidance of $2.10 to $2.20 per share. It reaffirmed its revenue outlook of $425 million to $435 million.
Analysts predict full-year earnings of $2.13 per share on revenue of $431.8 million.
Iconix Brand Group Inc. also said Wednesday that its board approved a new three-year buyback of up to $300 million of its common stock. The company has $53 million left under its prior $300 million repurchase program that the board approved in February.
Iconix shares lost 26 cents to $30.62 in morning trading. The stock has changed hands between $16.85 and $32.83 in the past 52 weeks, and is up about 38 percent since the start of the year.
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- Iconix Brand Group