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
Internet media company BuzzFeed is preparing to go public in 2018, media site Axios reported Wednesday, citing industry sources. New York-based BuzzFeed was founded in 2006 by Jonah Peretti and John Johnson III as a viral lab, focusing exclusively on tracking viral content. London Stock Exchange Group plc (LSE.L) announced the European Commission has decided to prohibit the recommended all-share merger between LSEG and Deutsche Börse (DBOEY.PK, DBOEF.PK). Despite the remedies offered by the companies, the European Commission concluded that the merger would significantly... Tinder launched a web version of its dating app, called Tinder Online, mainly focusing users in developing markets with limited storage on their mobile phones. The company also aims users in places where mobile phones are not welcome, like class rooms. Instead of swiping, they can either drag a prospective match's card to the right or left.
comments powered by Disqus
Follow RTT