Iconix Brand Group Q1 Profit Surges, Reaffirms FY18 Revenue Outlook

(RTTNews) - Iconix Brand Group Inc. (ICON) Friday reported a surge in first quarter net income attributable to the company to $32.715 million from $4.40 million a year ago.

Revenue for the quarter were down 17 percent to $48.5 million, compared to $58.7 million a year ago.

Looking ahead to the full year 2018, the reaffirmed its revenue guidance in a range of $190 to $220 million.

Net income guidance is now expected in a range of $17 to $27 million , up from its previous expectation of $7 to $17 million. The company said the current outlook is supported by its first gain on extinguishment of debt and elimination of non-cash interest expense related to 5.75 convertible notes.

The company reiterated adjusted net income guidance in a range of $20 to $30 million.