NEW YORK (TheStreet) -- Movado (MOV) - Get Report shares closed trading up 11.28% to $28.52 in intraday trading on Wednesday after the luxury watchmaker reported strong fourth quarter financial results before the opening bell today.

Movado reported fourth quarter net income of $10.1 million, or 40 cents per diluted share, doubling the 20 cents per share consensus analysts' forecast for the company. Movado also generated $133.9 million in revenue during the period, falling just short analysts' $134.7 million expectations.

"We are taking a number of actions intended to improve our results in this coming year including selective price increases and continued focus on operating expenses while continuing to invest in product innovation and global growth initiative," said CEO Efraim Grinberg.

The company expects to earn between $2 and $2.10 in the current fiscal year on revenue between $590 million and $600 million.

TheStreet Ratings team rates MOVADO GROUP INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate MOVADO GROUP INC (MOV) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• You can view the full analysis from the report here: MOV Ratings Report

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