Movado Q2 Profit Up, Above Estimates; Lifts Annual Targets - Quick Facts

(RTTNews) - Luxury watchmaker Movado Group, Inc. (MOV), Tuesday reported an increase in the second-quarter net income, which beat analyst estimates, as revenues increased with growth in every brand category. The company also increased its full-year guidance.

For the three-month period, net income was $12.5 million or $0.48 per share compared with $8.1 million or $0.32 per share during the same quarter last year.

Excluding a $1 million tax benefit, adjusted net income was $11.5 million, or $0.44 per share.

On average, four analysts polled by Thomson Reuters expected earnings per share of $0.32 for the second quarter. Analysts' estimates typically exclude one-time items.

Net sales increased 17.2 percent to $138.3 million, from prior year's $118 million. Analysts expected the company to report revenues of $135.91 million for the second quarter.

The Company also announced a 60 percent increase in the quarterly cash dividend to $0.08 per share, payable on September 20 to shareholders of record on September 6. For the fiscal 2014, the company increased its guidance, and now expects net sales to increase about 13 percent to a range of $575 million to $580 million, from the prior expectation of $570 million to $575 million, and net income to increase to $49 million or $1.90 per share, from previous expectation of $48 million or $1.80 per share. Analysts expect earnings per share of $1.64 per share, on revenues of $570.55 million.