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Fossil Group Beats 2Q Profit Forecasts

Fossil Group Inc. on Tuesday reported second-quarter net income of $54.6 million. The results surpassed Wall Street expectations.
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  • Associated Press

RICHARDSON, United States — Fossil Group Inc. on Tuesday reported second-quarter net income of $54.6 million.

On a per-share basis, the Richardson, Texas-based company said it had profit of $1.12. Earnings, adjusted for restructuring costs, came to $1.22 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.

The watch and accessories maker posted revenue of $740 million in the period.

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For the current quarter ending in October, Fossil Group expects its per-share earnings to range from $1.03 to $1.28. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.51.

The company expects full-year earnings in the range of $4.80 to $5.60 per share.

Fossil Group shares have decreased 44 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 1 percent. In the final minutes of trading on Tuesday, shares hit $61.99, a decline of 40 percent in the last 12 months.

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