Movado (NYSE:MOV) unveiled its quarterly earnings results early in the day on Thursday, amassing a profit and sales total for the period that surpassed what analysts were calling for, lifting MOV stock more than 20% today.
The Paramus, New Jersey-based watchmaker said that for its fourth quarter ended Jan. 31, it brought in a net profit of $17.4 million, tallying up to 74 cents per share. The figure was a considerable improvement from the company’s loss of $33.9 million, or $1.47 per share, when compared to the same period in the previous fiscal year, including a tax-reform related expense.
On an adjusted basis when excluding non-recurring items, Movado tallied up adjusted earnings of 67 cents per share, about 15 cents per share above what analysts called for. Two analysts surveyed by FactSet compiled an average earnings guidance for the period of 55 cents per share as the range was between 54 cents and 56 cents per share.
On the revenue front, the watchmaker raked in sales of $199.4 million, more than $50 million higher than the $149.2 million it raked in during the same period in its fiscal 2018. Analysts polled by FactSet predicted Movado to compiled sales in the range of $190 million to $198 million.
For its fiscal 2020, the business sees its adjusted earnings in the range of $2.70 to $2.80 per share, up from $2.61 in 2019. Sales are slated to be between $750 million to $765 million, ahead of the $679.6 million from 2019.
MOV stock is soaring about 21.1% on Thursday following the company’s strong quarterly performance.
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