NEWS: Shares of Iconix Brand Group Inc. climbed to their highest point in over two decades Tuesday, after the clothing brand licensing company raised its 2013 earnings guidance and posted an outlook for the next year that beat Wall Street expectations.
DETAILS: Iconix, which is based in New York, owns, licenses and markets several clothing and accessories brands, including Joe Boxer, London Fog, Badgley Mischka and Candie's. Higher revenue from its licensing agreements helped boost its third-quarter results.
NUMBERS: Net income rose to $29 million, or 50 cents per share, in the three months ending Sept. 30. That compares to $27.1 million, or 38 cents per share, in the same period a year ago.
Adjusted to exclude one-time charges, the company reported earnings of 59 cents per share.
Analysts expected earnings of 51 cents per share, according to FactSet.
Revenue jumped 24 percent to $107.2 million in the third quarter from $86.6 million a year ago.
Analysts expected revenue of $106.2 million.
FUTURE: Iconix raised its adjusted 2013 earnings guidance to between $2.30 per share and $2.40 per share from a prior range of between $2.20 per share and $2.30 per share.
It maintained its revenue guidance at a range from $425 million to $435 million for 2013.
Analysts expected earnings of $2.24 per share and revenue of $430.9 million.
For 2014, the company said that it expects adjusted earnings between $2.50 per share and $2.60 per share and revenue between $440 million and $455 million.
Analysts expected earnings of $2.49 per share and revenue of $448.3 million in 2014.
"We expect to continue to deliver strong growth through both organic initiatives as well as acquisitions as we continue to build our global footprint," said Iconix CEO Neil Cole, in a statement.
STOCK: Up 61 cents, or 1.8 percent, to $34.07 in afternoon trading Tuesday. Earlier, shares rose as high as $35.23, their highest point since Nov. 1991.