Upbeat Q2 Results Drives Up Shares Of Levi Strauss & Co.

(RTTNews) - Shares of clothing company Levi Strauss & Co. (LEVI) gapped up more than 5% Friday at the opening after reporting better-than-expected earnings in the second quarter.

Net income in the second quarter was $50 million or $0.12 per share compared with $65 million or $0.16 per share a year ago.

Excluding one-time items, earnings were $0.29 per share, that beat the average estimate of analysts polled by Thomson Reuters of $0.23 per share.

Revenue for the quarter increased to $1.471 billion from $1.276 billion last year.

Looking forward, the company expects full year revenue to be in the range of $6.4 billion and $6.5 billion and adjusted EPS in the range of $1.50-to-$1.56. Analysts expect earnings of $1.55 per share on revenue of $6.43 billion for the year.

The company declared a dividend of $0.12 per share, payable on August 17, to shareholders of record on August 1.

LEVI is at $16.60, up 1.34% currently. It has traded in the range of $15.62-$30.09 in the past 52 weeks.