Jewelry company, Tiffany & Co. (TIF) reported increased fourth quarter profits which beat analysts expectations on Friday.
The New York, NY based company reported fourth quarter earnings of $180 million, or $1.40 per share, up from $178 million, or $1.39 per share last year. Analysts expected to see earnings of $1.36 per share.
Revenue for the quarter increased by 4% to $1.235 billion, from $1.19 billion last year. Analysts expected to see $1.25 billion in revenue.
Looking ahead, the company expects to see first quarter earnings from operations to fall by 15%-20%. First quarter earnings are expected to be effected by gross margin pressures and an increase in marketing expenses. The company expects to see growth in the following quarters.
For FY2013, earnings are expected to rise by 6%-9% to a range of $3.43 to $3.53 per share. Analysts are expecting $3.50 per share in earnings.
Tiffany & Co. shares were up $2.64, or 3.89% during premarket trading Friday. The stock has been mostly flat in the past year.
The Bottom Line
Shares of Tiffany & Co. (TIF) have a 1.88% yield, based on Thursday’s closing price of $67.91.
Tiffany & Co. (TIF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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