Shares in luxury watchmaker Movado Group Inc. (MOV) ticked substantially higher on Tuesday, Dec. 4, after the company reported better-than-expected quarterly earnings.
Movado Group jumped nearly 15% on the New York Stock Exchange, rising $5.45 to $42.33.
The Paramus, New Jersey-based timepiece maker, which produces the iconic Movado brand as well as MVMT watches and accessories, posted net income of $27.9 million, or $1.18 a share, vs. $24.3 million, or $1.04, in the year-earlier period. Analysts expected earnings of $1.12 a share.
Revenue rose to $208.9 million during the quarter vs. $190.7 million in the year-ago period.
"Our double-digit constant-dollar top-line growth in the quarter was led by strong performance in both the U.S. and international markets," CEO Efraim Grinberg said in a statement accompanying the earnings results.
"We are very excited about the significant growth opportunities we see for the MVMT brand, which we acquired on October 1, 2018, and we remain on track to begin the integration of MVMT into our operating platform during the second quarter of fiscal 2020," Grinberg said.
Known for its signature "Museum Watch" with the signature metallic dot at the 12 o'clock position, Movado was founded as LAI Ditescheim & Freres SA in 1881 in La Chaux-de-Fonds, Switzerland.