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 This material may not be published, broadcast, rewritten or redistributed.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
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Analysts: Khorasan a New Name, Not a New Group

Thursday, 02 Oct 2014 10:34 AM

On Sept. 13, it was reported that U.S. officials said the group called Khorasan had emerged as the cell that may be the  . . .

Rep. Jeffries: Rapper Jay Z Had Better Security Than Obama

Thursday, 02 Oct 2014 10:25 AM

Speaking out against recent Secret Service gaffes, at least one member of Congress is noting that it's a sad day when a  . . .

Hillary Intimate, Emotional at Gathering of Military Families

Thursday, 02 Oct 2014 10:09 AM

Former Secretary of State Hillary Clinton appeared to let down her guard at an event with military families in New York  . . .

Most Commented

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