Movado Group Raises FY18 Outlook; Declares Dividend - Quick Facts

(RTTNews) - While reporting its third-quarter financial results today, Movado Group, Inc. (MOV) raised its financial outlook for fiscal 2018 and said its board of directors declared a quarterly dividend.

The company now expects full-year net sales in a range of $550.0 million to $555.0 million and net income of about $39.7 million to $41.0 million, or $1.70 to $1.75 per share, reflecting a 30 percent anticipated effective tax rate.

Earlier, the company projected full-year net sales of $530.0 million to $545.0 million and net income of about $35.5 million to $38.8 million, or $1.50 to $1.65 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.63 per share for the year on revenues of $539.83 million. Analysts' estimates typically exclude special items.

Movado also said that on November 21, 2017, its board of directors approved the payment on December 15, 2017 of a cash dividend in the amount of $0.13 for each share of the company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on December 1, 2017.