PVH Profit Tops Estimate; Cuts FY Guidance

(RTTNews) - PVH Corp. (PVH) Wednesday reported third-quarter net earnings of $225.7 million or $2.71 per share, compared with $196.7 million or $2.37 per share last year.

Excluding items, adjusted earnings for the quarter were $2.56 per share, compared with $2.30 per share a year ago.

On average, 19 analysts polled by Thomson Reuters estimated earnings of $2.48 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $2.23 billion, compared with $2.26 billion in the prior year. Fourteen analysts had a consensus revenue estimate of $2.26 billion for the quarter.

For the fourth quarter, PVH projects adjusted earnings of $1.71 to $1.76 per share on revenues of about $2.1 billion. Analysts currently expect earnings of $1.91 per share on revenues of $2.18 billion.

For the full year, the company now expects adjusted earnings of $7.25 to $7.30 per share, down from prior guidance of $7.30 to $7.40 per share. It now expects revenues of about $8.3 billion, down from prior guidance of $8.4 billion.

Analysts currently expect earnings of $7.37 per share on revenues of $8.38 billion for the year.