NEW YORK (TheStreet) - J.C. Penney (JCP) shares surged in after-hours trading after the struggling retail chain surprised investors by reporting better-than-expected bottom line results for the fourth quarter.
The Plano, Texas-based company reported GAAP net income for the January-ending quarter of $35 million, or 11 cents a share. On an adjusted basis, the company reported a loss of $206 million, or 68 cents a share. Consensus estimates, according to Thomson Reuters, had called for an 85-cent quarterly loss.
Shares were rising 7.7% to $6.42 after the markets closed.
J.C. Penney's adjusted earnings did not include the following:
- A 16-cent charge for restructuring and management transition charges;
- An 8-cent charge for primary pension plan expense;
- A 15-cent benefit from the net gain on the sale of non-operating assets; and
- An 88-cent income tax benefit from continuing operations resulting from gains in other comprehensive income.
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