PVH Corp. (PVH) saw its shares rise by more than 2% in the extended session on Tuesday following the release of its second-quarter earnings report. As the parent company of iconic brands Calvin Klein and Tommy Hilfiger, PVH reported earnings and sales that exceeded Wall Street's expectations. The company attributed its success to solid sales growth in Asia.
In the second quarter, PVH earned $94.2 million, or $1.50 per share, compared to $115.3 million, or $1.72 per share, in the same period last year. Adjusted for one-time items, the company's earnings reached $1.98 per share. Revenue also showed a positive trend, rising by 4% to $2.21 billion. Both the Tommy Hilfiger and Calvin Klein brands contributed to this growth, with Asia delivering a particularly strong performance.
Analyst Expectations Surpassed
PVH's financial results exceeded the predictions of analysts polled by FactSet. The consensus estimate was for adjusted earnings of $1.76 per share on sales of $2.19 billion. PVH's earnings of $1.98 per share surpassed this estimate, while its revenue of $2.21 billion also outperformed expectations.
Looking ahead, PVH reaffirmed its guidance for the full year, expecting a revenue increase of 3% to 4%. The company also anticipates a non-GAAP EPS of approximately $10.35. Analysts' consensus estimates for adjusted EPS for the year stand at $10.04.
PVH Corp.'s stock closed the regular trading day with a 3.1% increase, reflecting investors' positive response to the robust Q2 earnings report.