The Michaels earnings report for the fourth quarter of 2018 has MIK stock heading higher on Tuesday.
Michaels (NASDAQ:MIK) reported earnings per share of $1.44 for the fourth quarter of the year. This is an increase over the company’s earnings per share of $1.19 reported in the fourth quarter of 2017. It was also good news for MIK stock by coming in above Wall Street’s earnings per share estimate of $1.42 for the period.
Net income reported in the Michaels earnings release for the fourth quarter of 2018 comes in at $181.40 million. This is a drop from the company’s net income of $202.97 million reported in the same period of the year prior.
Operating income in the Michaels earnings report for the fourth quarter of the year is $272.23 million. The arts and crafts retail company reported operating income of $354.29 million in the fourth quarter of the previous year.
Michaels earnings for the fourth quarter of 2018 also include revenue of $1.79 billion. This is down from the company’s revenue of $1.89 billion reported during the same time last year. Despite the decrease, it is still a positive for MIK stock by beating out analysts’ revenue estimate of $1.78 billion for the quarter.
The most recent Michaels earnings report also includes the company’s outlook for the full year of 2019. It is expecting earnings per share between $2.34 and $2.46 on revenue ranging from $5.19 billion to $5.24 billion. Wall Street is looking for earnings per share and revenue of $2.48 and $5.26 billion for the year.
MIK stock was up 14% as of noon Tuesday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.