PVH Corp. (NYSE: PVH) reported Q3 EPS of $2.66, $0.18 better than the analyst estimate of $2.48. Revenue for the quarter came in at $2.16 billion versus the consensus estimate of $2.18 billion.PVH Corp. reaffirmed FY2015 guidance.

Full Year Guidance

The Company currently continues to project that earnings per share for the full year 2015 will be in a range of $6.90 to $7.00 on a non-GAAP basis, which includes approximately $1.35 negative impact related to foreign currency exchange rates and pressures on the Company’s Russia businesses, as described above. Excluding this negative impact, which increased from previous guidance of $1.30, earnings per share on a non-GAAP basis is expected to increase 13% to 14% compared to the prior year’s earnings per share of $7.30 on a non-GAAP basis.

Revenue in 2015 is currently projected to increase approximately 3% on a constant currency basis (decrease approximately 3% on a GAAP basis) as compared to 2014. It is currently projected that revenue for the Calvin Klein business will increase approximately 8% on a constant currency basis (increase approximately 1% on a GAAP basis). Revenue for the Tommy Hilfiger business is currently projected to increase approximately 3% on a constant currency basis (decrease approximately 7% on a GAAP basis). Revenue for the Heritage Brands business is currently projected to decrease approximately 3% on a GAAP basis.

Net interest expense for the full year 2015 is expected to be approximately $115 million, which represents an improvement from previous guidance principally due to lower than expected borrowings under short-term revolving lines of credit and repaying long-term debt earlier than anticipated. The expected decrease from $139 million in 2014 is mainly due to lower average debt balances. The Company currently estimates that the 2015 effective tax rate will be approximately 20% on a non-GAAP basis.

The Company currently expects to generate approximately $450 million of free cash flow in 2015, which will be used primarily to repay approximately $350 million of debt, of which $200 million was repaid during the first nine months of the year, as well as to repurchase stock.

The Company’s earnings per share estimate on a non-GAAP basis excludes approximately $70 million of pre-tax costs associated primarily with the Warnaco integration and related restructuring, $20 million of pre-tax costs principally associated with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business and $10 million of pre-tax costs associated with the operation of and exit from the Izod retail business. (Please see section entitled “Non-GAAP Exclusions” for details on these pre-tax costs.)

Fourth Quarter Guidance

The Company currently expects its fourth quarter 2015 earnings per share results to be negatively impacted versus the prior year period by approximately $0.33 per share primarily from foreign currency exchange rates due to the significant strengthening of the U.S. dollar against other currencies in which the Company transacts significant levels of business.

Fourth quarter 2015 earnings per share on a non-GAAP basis is currently projected to be in a range of $1.37 to $1.47, which includes approximately $0.33 per share negative impact primarily related to foreign currency exchange rates, as described above. Excluding this negative impact, earnings per share on a non-GAAP basis is expected to be in the range of a 3% decrease to a 2% increase compared to the prior year’s fourth quarter non-GAAP earnings per share of $1.76.

Revenue in the fourth quarter of 2015 is currently projected to increase approximately 5% on a constant currency basis (remain flat on a GAAP basis) compared to the prior year’s fourth quarter. It is currently projected that revenue for the Calvin Klein business in the fourth quarter will increase approximately 15% on a constant currency basis (increase approximately 10% on a GAAP basis), partially due to the benefit of the Chinese New Year, as the fourth quarter of 2015 includes the peak selling season before the Chinese New Year while the fourth quarter of 2014 did not. Revenue for the Tommy Hilfiger business in the fourth quarter is currently projected to increase approximately 1% on a constant currency basis (decrease approximately 5% on a GAAP basis). Revenue for the Heritage Brands business in the fourth quarter is currently projected to decrease approximately 4% on a GAAP basis due to the exit from the Izod retail business.

The Company currently projects that the fourth quarter 2015 net interest expense will be approximately $30 million, a reduction of approximately $2 million compared to the fourth quarter of 2014, mainly due to lower average debt balances. The Company currently estimates that the fourth quarter effective tax rate will be approximately 20.5%.

The Company’s fourth quarter earnings per share estimate on a non-GAAP basis excludes approximately $19 million of pre-tax costs associated with the integration and related restructuring of Warnaco and $4 million of pre-tax costs associated with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business. (Please see section entitled “Non-GAAP Exclusions” for details on these pre-tax costs.)

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