Discount apparel and home goods retailer The TJX Companies, Inc. (TJX) on Tuesday posted better-than-expected third quarter earnings results, although its outlook for the remainder of the year was disappointing.
The Framingham, MA-based company reported third quarter net income of $462 million, or 62 cents per share, compared with $406 million, or 53 cents per share, in the year-ago period.
Revenue rose 11% from last year to $6.41 billion.
On average, Wall Street analysts expected a smaller profit of 61 cents per share, on smaller revenue of $6.39 billion.
For the fourth quarter, TJX forecast adjusted earnings of 65 to 68 cents per share, which would badly miss analysts’ view of 76 cents. For the full fiscal year, the company anticipates earnings of $2.38 to $2.41, which would also miss Wall Street expectations for $2.49 per share.
The TJX Companies shares posted small gains in premarket trading Tuesday.
The Bottom Line
Shares of The TJX Companies (TJX) have a 1.12% dividend yield, based on last night’s closing stock price of $40.97. The stock has technical support in the $37-$38 price area. If the shares can firm up, we see overhead resistance around the $43-$44 price levels.
The TJX Companies, Inc. (TJX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.