Iconix Brand Group Inc.’s profits and revenues rose in the third quarter and the company raised its outlook for the year.
Third-quarter profits attributable to Iconix climbed 34 percent to $27.4 million, or 37 cents a diluted share, from $20.5 million, or 28 cents, a year earlier. Licensing and other revenues for the quarter ended Sept. 30 advanced 63.2 percent to $96.9 million from $59.4 million.
Adjusted earnings of 40 cents a share beat the 35 cents forecast by Wall Street.
“With 27 brands today that represent approximately $12 billion in annual global retail sales, we are the second largest consumer products licensing company in the world, and we remain committed to expanding and growing our portfolio of iconic brands through new categories, geographies and distributions,” said Neil Cole, chairman and chief executive officer. “As we look ahead to 2011, we feel confident about the overall strength of our existing brand portfolio and our ability to acquire world-class brands.”
The company, which owns Candie’s, Badgley Mischka, Joe Boxer and other brands, increased its earnings guidance for the year to an adjusted EPS range of $1.38 to $1.42 from the previous guidance of $1.35 to $1.40. Analysts had already expected the firm to post annual profits of $1.41.
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For the nine months, net income attributable to the firm rose 38.5 percent to $76.7 million, or $1.03 a diluted share, from $55.4 million, or 83 cents. Revenues gained 47.1 percent to $244.6 million from $166.3 million.
Shares of Iconix rose 29 cents, or 1.7 percent, to close at $17.88 Thursday.