UPDATE: PVH Corp. (PVH) Tops Q4 EPS by 1c; Guides FY14 EPS Below Views
PVH Corp. (NYSE: PVH) reported Q4 EPS of $1.43, $0.01 better than the analyst estimate of $1.42. Revenue for the quarter came in at $1.95 billion versus the consensus estimate of $2.07 billion.
The increase over the prior year was principally driven by the addition of approximately $479 million of revenue related to the acquired Warnaco businesses, net of the reduction in licensing revenue attributable to Warnaco. Also contributing to the increase was revenue growth of $18 million, or 2%, in the Company’s Tommy Hilfiger and pre-acquisition Calvin Klein businesses. Partially offsetting these increases was a revenue decline of $81 million, or 19%, in the Company’s pre-acquisition Heritage Brands businesses, of which $75 million was lost revenue resulting from the sale of the G.H. Bass & Co. business on the first day of the quarter.
PVH sees FY2014 EPS of $7.40 to $7.50, versus the consensus of $7.81. Revenue in 2014 is currently projected to increase 3% to approximately $8.5 billion.
In light of the difficult macroeconomic environment, the Company is being cautious in its first quarter outlook. On a non-GAAP basis, earnings per share for the first quarter is projected to be in a range of $1.45 to $1.50, as compared to $1.91 in the prior year’s first quarter. Revenue in the first quarter of 2014 is currently expected to be approximately $2.0 billion. The Street sees Q1 EPS of $1.70 and revs of $1.99 billion.
For earnings history and earnings-related data on PVH Corp. (PVH) click here.