NEW YORK (TheStreet) -- Tumi (TUMI) shares are down 14% to $20.11 in trading on Thursday after the luggage manufacturer reported mixed first quarter earnings results after the closing bell yesterday.

The South Plainfield, NJ-based company reported first quarter net income of $6.4 million, or 12 cents per share which was in line with what analysts were expecting for the period. The company posted revenue of $110.5 million during the period, falling short of analysts' $118.4 million guidance.

For the full year, the company expects earnings to be between 90 cents and 95 cents per share.

TheStreet Ratings team rates TUMI HOLDINGS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate TUMI HOLDINGS INC (TUMI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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

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