U.S. markets are set to open high on Thursday, with tech and energy stocks leading the way.
Shares of PVH Corp. (PVH, Financial) rose on the heels of the company reporting its financial results for the fourth quarter. The company posted adjusted earnings per share of $1.58 on revenue of $2.5 billion, an increase of 18.5% from the prior-year quarter. The company managed to beat revenue estimates by $150 million and twelve cents in earnings.
For the trimester, revenue in the Calvin Klein business increased 23% to $977 million compared to the prior year period. Calvin Klein International revenue increased 33% to $512 million compared to the prior year period, driven by the good performance in Europe and Asia, including a 4% increase in international comparable store sales.
Looking ahead, the company expects revenue to increase approximately 7% (approximately 4% on a constant currency basis) as compared to 2017and GAAP basis earnings between $8.76 to $8.86 for the year and $2.13 to $2.18 in the first quarter. Also, Non-GAAP basis earnings in the range of $9.00 to $9.10 for the full year and $2.20 to $2.25 in the first quarter.
Gainers
• FMC Corp. (FMC, Financial)
Losers
• Starbucks (SBUX, Financial)
Global markets
The main European stock markets closed higher. The U.K.'s FTSE lost 0.54%, France's CAC gained 0.92%, Germany's Dax jumped 1.25% and Spain's Ibex achieved 0.84%.
In Asia, India’s BSE Sensex lost 0.62%, China´s SSE Composite jumped 1.22%, Hong Kong's Hang Seng advanced 0.24% and Japan's Nikkei gained 0.61%.
Disclosure: The author holds no positions in any stocks mentioned.
