PVH Q1 Profit Tops Estimate; Boosts FY15 Earnings Outlook

(RTTNews) - Apparel maker PVH Corp. (PVH) reported net income for the first quarter of $114.1 million or $1.37 per share, compared to $35.3 million or $0.42 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $124.7 million or $1.50 per share, compared to $122.1 million or $1.47 per share in the prior year quarter.

Total revenue for the first quarter fell 4% to $1.88 billion from $1.96 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $1.38 per share on revenue of $1.86 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue decline of about 8% and adjusted earnings of $1.25 to $1.30 per share, which reflects an expected $0.30 per share negative impact mainly related to foreign currency exchange rates. Analysts currently expect the company to earn $1.43 per share on revenue decline of 4.6% for the second quarter.

For the full year 2015, the company now forecasts revenue decline of about 3% and adjusted earnings of $6.85 to $6.95 per share, which reflects the expected $1.25 per share negative impact related to foreign currency exchange rates and pressures on the company's Russia businesses. Previously, the company forecast revenue decline of about 4% and adjusted earnings of $6.75 to $6.90 per share, which reflected the expected $1.30 negative impact related to foreign currency exchange rates and pressures on the company's Russia businesses.

Analysts currently expect the company to earn $6.86 per share on revenue decline of 3.7% for the full year 2015.

The company also said its board of directors has authorized a $500 million three-year stock repurchase program.