logo
Share SHARE
FONT-SIZE Plus   Neg

Iconix Brand Q1 Profit Slips

Iconix Brand Group Inc. (ICON) Wednesday reported a decrease in profit for the first quarter, due mainly to lower revenues.

The New York-based company's attributable profit dropped to $27.60 million or $0.37 per share from $31.43 million or $0.42 per share last year.

Adjusted net income for the quarter dropped to $31.94 million or $0.43 per share from $33.74 million or $0.45 per share in the prior-year quarter. On average, six analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined 4 percent to $88.45 million from $92.36 million in the prior-year quarter. Five analysts had a consensus revenue estimate of $94.70 million for the quarter.

Moving ahead, the company lowered its earnings guidance for the full-year 2012 to a range of $1.48 to $1.57 per share from previous estimate of $1.62 to $1.69 per share. The company also slashed down its adjusted earnings guidance to a range of $1.65 to $1.74 per share, compared to prior estimate of $1.77 to $1.84 per share. Analysts currently expect earnings of $1.80 per share for the year.

Iconix now expects revenues for 2012 in the range of $340 million to $350 million compared to previous estimate of $370 million to $385 million. Analysts currently expect revenues of $379.07 million for the year.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based... Home improvement retailer Lowe's Companies Inc. (LOW) has reportedly informed about 2,400 employees that they will be laid off. The majority of the lay offs are at the store level, while other affected positions are at distribution centers, contact centers and at the company's corporate office in... The U.S. Department of Defense and Lockheed Martin Corp. are reportedly nearing a deal worth $9 billion for F-35 fighter planes. President-elect Donald Trump had earlier heavily criticized the Pentagon for overspending on defense contracts. He had specifically noted the F-35 as an example on how Lockheed...
comments powered by Disqus
Follow RTT