Updated from 5:40 p.m. ET to include information on American Superconductor, Cheniere Energy, and Inergy, and latest prices.
NEW YORK (
TheStreet) -- Shares of
(PVH - Get Report) enjoyed mild gains in late trades on Tuesday after the New York-based fashion company reported above-consensus quarterly results.
The New York-based company, whose brands include Calvin Klein and Tommy Hilfiger, posted a non-GAAP profit of $89.6 million, or $1.23 a share, for its fiscal first quarter ended on May 1 with revenue totaling $1.37 billion. In the same period a year earlier, Philips-Van Heusen reported equivalent earnings of $44.8 million, or 83 cents a share, on revenue of $619 million.
The average estimate of analysts polled by
Thomson Reuters was for a profit of $1.16 a share on revenue of $1.34 billion in the three-month period.
The stock was last quoted at $67.40, up 2.2%, on volume of more than 200,000, according to
. Based on a regular session close at $65.97, the shares were up 5.7% so far in 2011. Over the past year, the stock has risen 22% but it's down 9% since hitting a 52-week high of $72.42 on Dec. 3.
"We are very pleased with our first quarter results," said Emanuel Chirico, the company's chairman and CEO, in a statement. "The positive business trends in our Tommy Hilfiger and Calvin Klein businesses accelerated in the first quarter, allowing us to exceed both our revenue and non-GAAP earnings guidance."
The company said total revenue from its Calvin Klein business rose 17% in the quarter to $281.1 million, while its Tommy Hilfiger unit generated revenue of $715.4 million as it experienced much better than anticipated growth in both Europe and North America.
Philips-Van Heusen said it expects non-GAAP earnings of 93 to 95 cents a share in the second quarter, and $4.80 to $5 a share for the full year. The current consensus estimates are for earnings of 91 cents a share, and $4.90 a share, respectively.
Wall Street was bullish on the stock ahead of the report with 10 of the 13 analysts covering the stock at either strong buy (5) or buy (5), and the 12-month median price target sitting at $76.50.
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