Tags: US | Phillips | Van | Heusen | Outlook

Phillips-Van Heusen Hikes Outlook, Will Raise Cash

Wednesday, 21 Apr 2010 10:11 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Clothing company Phillips-Van Heusen Corp. raised its fiscal first-quarter and full-year earnings forecast Tuesday and said it will sell stock and bonds to finance its proposed $3 billion acquisition of the Tommy Hilfiger brand.

The company now expects earnings of 80 cents per share in its fiscal first quarter ending in April, up from a previous forecast of 73 cents to 75 cents. The estimate excludes one-time expenses related to the Tommy Hilfiger acquisition as well as any contribution from Tommy Hilfiger.

Analysts surveyed by Thomson Reuters project profit of 74 cents per share.

Phillips-Van Heusen expects first-quarter revenue of $605 million to $610 million, above analysts' projection of $586.9 million.

The company said its updated guidance reflects a stronger-than-expected performance across all of its businesses.

It projected adjusted earnings for the full year of $3.25 to $3.33 per share, up from a prior forecast of $3.20 to $3.28. The company predicts full-year revenue of $2.49 billion to $2.51 billion.

The company also announced that it will sell 4.5 million shares and $525 million in 10-year bonds.

Along with financing a portion of the Tommy Hilfiger acquisition, Phillips-Van Heusen said it will use the proceeds to buy back $300 million of notes coming due in 2011 and 2013.

The company's stock fell 41 cents to close at $62.43.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Obama: Easter a Time to Reflect on Hope, Renewal

Saturday, 19 Apr 2014 07:13 AM

President Barack Obama is encouraging Americans to draw strength and inspiration from the Easter and Passover holidays.I . . .

Atheist Sues After New Jersey Rejects License Plate

Friday, 18 Apr 2014 22:31 PM

Shannon Moran, of Maurice River Township has filed a lawsuit against the state Motor Vehicle Commission, saying it viola . . .

South Carolina Mayor Fires Lesbian Police Chief

Friday, 18 Apr 2014 22:20 PM

A South Carolina mayor fired his 20-year veteran chief of police, who is a lesbian, reportedly declaring in a recorded p . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved