Fossil Inc.'s (FOSL: Quote) first-quarter net income attributable to the company increased to $58.14 million or $0.93 per share from $55.82 million or $0.86 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.92 for the quarter. Analysts' estimates typically exclude one-time items.
The company said the recent quarter's results included a $0.03 per share rise related to net foreign currency exchange gains in comparison to the prior fiscal year first quarter and a $0.03 per share increase related to a 3.7% lower outstanding share count as a result of the company's ongoing buyback program.
Net sales increased 9.8% to $589.5 million from $537.0 million in the earlier year quarter, and up 11.1% in constant dollars. Thirteen analysts estimated revenues of $617.64 million for the quarter.
For the second quarter of fiscal 2012, the company sees reported net sales to increase about 16% with constant dollar net sales increasing 19%. Including Skagen activities, second quarter 2012 earnings per share are expected to be in a range of $0.77 - $0.79. Analysts expect earnings of $0.94 per share for the second quarter.
For fiscal 2012, the company currently projects reported net sales to increase around 16% with constant dollar net sales increasing nearly 18%. Net sales of Skagen, included in this estimate, are expected to benefit overall sales growth by 5%. Full-year earnings per share are now estimated to be in a range of $5.30 - $5.40, while 15 analysts project 2012 earnings of $5.56 per share.
by RTT Staff Writer
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