Tiffany & Co beats by $0.31, beats on revs; raises FY19 EPS above consensus; authorizes $1 billion share repurchase program
- Reports Q1 (Apr) earnings of $1.14 per share, $0.31 better than the Capital IQ Consensus of $0.83; revenues rose 14.9% year/year to $1.03 bln vs the $0.96 bln Capital IQ Consensus.
- Co issues upside guidance for FY19, sees EPS of $4.50-4.70 vs. $4.45 Capital IQ Consensus Estimate, and above prior guidance of $4.25-4.45
- New Share Repurchase Program
- The Company's Board of Directors has approved a new share repurchase program that authorizes the repurchase of up to $1.0 billion of the Company's Common Stock through open market transactions, including through Rule 10b5-1 plans and one or more accelerated share repurchase or other structured repurchase transactions, and/or privately negotiated transactions. Purchases under this new program are discretionary and will be made from time to time based on market conditions and the Company's liquidity needs. This new program, which expires on January 31, 2022, will replace the Company's existing share repurchase program announced in January 2016.
- Under this new program, the Company's Board of Directors also approved the repurchase of $250 million of the Company's Common Stock through an accelerated share repurchase transaction which the Company expects to enter into during its fiscal quarter ending July 31, 2018, subject to market conditions.