Fossil Inc. (FOSL) reported that its third quarter net income declined 3.3% to $35.3 million from $36.5 million in the year ago quarter. Earnings per share for the quarter decreased 3.7% to $0.52 from $0.54 last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter fell 6.9% to $381.4 million from $409.8 million. Five analysts had consensus revenue estimate of $376.88 million for the quarter.
For the fourth quarter, the company currently expects reported net sales to increase in a range of 7% to 9% with constant dollar sales increasing in a range of 2% to 4%.
The company lifts fourth quarter diluted earnings per share outlook to be in a range of $0.82 to $0.86, from previous guidance of $0.74 to $0.80. At prevailing foreign currency rates, the company expects its fourth quarter earnings per share estimate will be favorably impacted by about $0.17 as a result of the weaker U.S. dollar in comparison to the prior year fourth quarter. Analysts expect the company to reports earnings of $0.78 per share for the fourth quarter.
Further, the company raised fiscal 2009 earnings per share outlook to the range of $1.85 to $1.89. Earlier, the company had projected full year earnings of $1.63 to $1.73 per share. Analysts currently expect full year earnings of $1.71 per share.
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