PVH Corp Jumps, SYNNEX Corporation Falls After Earnings
PVH Corp’s (NYSE: PVH) fiscal fourth quarter profit soared 56%, owing to strong performance from its Tommy Hilfiger and Calvin Klein businesses, partially offset a decline in the Heritage Brands business. The company reported better than expected earnings per share.
For the fourth quarter ended January 29, 2012, the company reported net income of $81.2 million or $1.11 per share, as compared to $52.2 million or $0.72 per share for the year-ago quarter. Total revenue increased 10% to $1.53 billion, as against $1.40 billion in the same quarter previous year. Analysts expected the company to earn $1.10 per share on revenue estimate of $1.50 billion for the fourth quarter.
Looking forward, the company expects fiscal 2012 revenue to be relatively flat to up 2% as compared to the 2011. The Company reported revenues of $5.891 billion in fiscal 2011. Analysts on an average are expecting the company to report revenues of $6.142 billion for fiscal 2012.
The shares of PVH are up 0.60% to $90.35 in the pre-market session.
On the other hand, SYNNEX Corporation (NYSE: SNX) shares slumped over 9% after the company provided weaker than estimated second quarter outlook, overshadowing its strong first-quarter profit.
The company reported first quarter profits of $38.2 million or $1.02 a share, as against $29.7 million, or $0.80 a share, in the year ago period. Revenue fell 1.6% to $2.46 billion owing to weakness in its distribution business.
Looking forward, the company expects second quarter of 2012 revenue to be in the range of $2.45-$2.55 billion, Net income in the range of $33.3-$34.5 million and Diluted earnings per share are expected to be in the range of $0.87 to $0.91. Analysts are expecting the company to report revenues of $2.461 billion, net income of $35.3 million and EPS of $0.95 for the second quarter of 2012.