Iconix Brand Group Inc (NASDAQ: ICON) is having a relatively strong start to the trading session this morning after the company released its financial results for the first quarter. The report proved to be positive, leading to excitement among investors and sending the stock screaming for the top. Today, we’ll talk about:
- What we saw from earnings;
- what we’re seeing from the stock;
- and what we’ll be watching for ahead.
ICON Reports Financial Results
As mentioned above, Iconix Brand Group is having an incredibly strong day in the market today after reporting its earnings for the first quarter of 2018. Here’s what we saw from the report:
- Eanrings – When it comes to earnings, ICON definitely did not upset investors. During the first quarter, the company generated net income in the amount of $32.7 million. That works out to about $0.51 per share. When adjusted for non-recurring gains, earnings came to $0.10 per share. In the same quarter one year ago, the company reported a net loss.
- Revenue – Revenue also proved to be a strong point. During the quarter, the company generated revenue in the amount of $48.5 million.
In a statement, John Haugh, CEO at ICON, had the following to offer:
Following intense focus on our balance sheet resulting in the successful resolution of all near term debt obligations, we are excited to speak with the investor community to discuss progress on our growth initiatives.
During the quarter, we launched Umbro with Target. The product looks great and customers are responding favorably. We are thrilled to bring Umbro’s world leadership in soccer apparel and equipment to a valuable partner like Target.
We have demonstrated our ability to successfully reposition some of our core brands and we continue to work closely with our best-in-class licensees to maintain the strength of our long-term partnerships, while evaluating opportunities to drive brand portfolio growth.
We are thus maintaining our revenue and free cash flow guidance for the year.
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that it’s important to keep a close eye on the news. In this particular case, the news proved to be overwhelmingly positive. After growing year over year from losses to profits, the company has clearly excited investors, sending the stock screaming for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:38), ICON is trading at $0.66 per share after a gain of $0.065 per share or 10.91% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ICON. In particular, we’re interested in following the story surrounding the company’s continued growth in sales of Umbro as the treatment has led the company to profits. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!