Iconix Brand Group, Inc (ICON) Wednesday reported higher profit for the first quarter on the back on increased revenue for the period. Adjusted earnings per share beat analyst estimates. The company maintained the full-year revenue guidance while raising the earnings and adjusted earnings guidance for the same period.
For the quarter Iconix Brand posted profit attributable to company of $34.18 million or $0.51 per share compared with prior-year earnings of $27.59 million or $0.37 last year.
The firm further posted adjusted earnings per share of $0.54 for the quarter. Six analysts on average polled by Thomson Reuters estimated earnings per share of $0.52 for the period. Analysts estimates typically exclude one-time items.
Revenue for the quarter was $105.06 million, up from $88.45 million a year ago. Analysts were looking for slightly lower revenue of $104.23 million.
Looking ahead, the firm said it backed prior full-year revenue forecast of $425 to $435 million while raising its earnings per share guidance to $2.00 to $2.10 from $1.95 to $2.05 and adjusted earnings per share guidance to to $2.10 to $2.20 from $2.05 to $2.15 for the same period.
The Street is currently looking for revenue of $431.01 million and earnings per share of $2.11 for the full-year.
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