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PVH Q4 Results Beat Wall Street Estimates, Shares Up 7%

Apparel company PVH Corp. (PVH), on Wednesday reported a second-quarter profit that easily trumped Wall Street estimates, as revenues came in above analysts expectations driven largely by sales of Tommy Hilfiger. Shares of the company gained 7% in extended trading session.

PVH's fourth-quarter profit rose to $158.7 million or $2.09 per share from $108.5 million or $1.39 per share last year.

Adjusted earnings for the quarter rose to $1.84 per share from $1.58 per share last year. On average, 19 analysts polled by Thomson Reuters estimated earnings of $1.76 per share. Analysts' estimates typically exclude one-time items.

Revenues for the quarter dropped 1% to $2.48 billion from $2.50 billion last year. Analysts had a consensus revenue estimate of $2.41 billion for the quarter.

Commenting on the results, CEO Emanuel Chirico said, "We are very pleased with our fourth quarter and full year 2018 results, which demonstrated the power of our diversified business model. Tommy Hilfiger had an outstanding quarter, with strong growth across all product categories and regions. Calvin Klein delivered a healthy quarter, with particular strength in Europe, solidifying our confidence in the margin opportunity that we previously identified for 2019 and beyond."

Revenue in the Calvin Klein business decreased 2% to $953 million, with international revenues up 2% and North America down 7%. Tommy Hilfiger business revenues rose 2% to $1.2 billion with international revenues up 3% and North American up 2%.

Looking forward to the full year 2019, PVH now expects adjusted earnings of $10.30 to $10.40 per share and revenues to increase about 4%. Analysts currently estimate earnings of $10.30 per share and revenues to grow 3.10%.

For the first quarter, PVH expects adjusted earnings of $2.40 to $2.45 per share and revenues to increase around 2%. Analysts currently estimate earnings of $2.45 per share and revenues to grow 0.20%.

PVH closed Wednesday's trading at $110.89, up $0.79 or 0.72% on the NYSE. The stock further gained $8.25 or 7.44% in the after-hours trade.

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