L Brands (LB) Tops Q3 EPS by 1c, Raises Q4 EPS Guidance; Cuts Dividend in Half, Names John Mehas VS CEO

L Brands (NYSE: LB) reported Q3 EPS of $0.16, $0.01 better than the analyst estimate of $0.15. Revenue for the quarter came in at $2.78 billion versus the consensus estimate of $2.71 billion.

L Brands also announced that after an extensive review, the Board of Directors plans to reduce the company’s annual ordinary dividend to $1.20 from $2.40 currently, beginning with the quarterly dividend to be paid in March 2019/

Further, L Brands announced today that John Mehas has been named CEO of Victoria’s Secret Lingerie, effective early 2019, replacing Jan Singer, who has resigned.

GUIDANCE:

L Brands sees Q4 2018 EPS of $2.60-$2.80, versus the consensus of $2.63.

For earnings history and earnings-related data on L Brands (LB) click here.

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