PVH beats by $0.16, misses on revs; guides Q4 EPS below consensus, revs below consensus; increases repurchase plan by $150 mln (91.50 +1.43)
- Reports Q3 (Oct) earnings of $2.90 per share, excluding non-recurring items, $0.16 better than the FactSet Consensus of $2.74; revenues rose 3.6% year/year to $2.36 bln vs the $2.41 bln FactSet Consensus.
- Co issues downside guidance for Q4 (Jan), sees EPS of $3.45, excluding non-recurring items, vs. $3.51 FactSet Consensus; sees Q4 revs to decline 3-4% yr/yr, implying $2.39-2.41 bln vs. $2.59 bln FactSet Consensus.
- The Company completed its previously announced sale of its Heritage Brands intimate apparel business on November 27, 2023. The $160 million cash purchase price is subject to adjustment. There is a potential earn out of up to $10 million based on calendar year 2024 net sales of a portion of the sold business.
- Planned share repurchases in 2023 to increase to approximately $550 million from up to $400 million previously.