Jewelry seller Tiffany & Co. (TIF) on Monday posted second quarter earnings results that narrowly missed Wall Street’s estimates and lowered its full-year outlook for the second time.
The New York-based company reported second quarter net income of $91.8 million, or 72 cents per share, compared with $90 million, or 69 cents per share, in the year-ago period.
Revenue rose 1.6% from last year to $886.6 million.
On average, Wall Street analysts expected a slightly higher profit of 73 cents per share, on larger revenue of $890.9 million.
Looking ahead, TIF said it now expects full-year earnings to range from $3.55 to $3.70 per share, down from a prior outlook of $3.70 to $3.80.
Tiffany shares rose 3.70, or +6.3%, in premarket trading Monday.
The Bottom Line
Shares of Tiffany (TIF) have a 2.19% dividend yield, based on Friday’s closing stock price of $58.50. The stock has technical support in the $53-$55 price area. If the shares can firm up, we see overhead resistance around the $62-$65 price levels.
Tiffany & Co. (TIF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.