PVH Corp. tops analysts’ estimates for quarterly profit; CEO tests Coronavirus positive

PVH Corp. tops analysts’ estimates for quarterly profit; CEO tests Coronavirus positive
Written by:
Wajeeh Khan
2nd April, 15:06
  • PVH posts £2.10 billion in revenue in the fourth quarter and £1.52 of profit per share.
  • The Calvin-Klein parent company expects a significant financial hit due to Coronavirus.
  • PVH Corp's CEO Manny Chirico tests positive for the flu-like virus.

PVH Corp. (NYSE:PVH) announced its quarterly financial results on Wednesday. Topping analysts’ estimates for profit, the stock was seen trading higher in extended trading on Wednesday.

In after-hours trading on Wednesday, PVH climbed more than 7% in the stock market. At £27.84 per share at the time of writing, however, the Calvin-Klein’s parent company is still trading over 65% down year to date.

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The American clothing company has a market cap of £2.04 billion and a price to earnings ratio of 4.05.

Noticeable Figures In PVH Corp’s Earnings Report

According to Refinitiv, analysts had forecast the company to print profit per share of £1.46 in the fourth quarter. But the company boasted a higher £1.52 of profit per share (non-GAAP) in the recent quarter. On the revenue front, PVH recorded £2.10 billion in Q4 that marks a 5% growth as compared to the revenue in the same quarter last year.

In fiscal 2019, the company said that it generated a total revenue of £8 billion that came out 3% higher than its revenue in 2018. At £7.70 per share, the company’s profit in fiscal 2019 was also reported higher than the analysts’ forecast.

PVH Corp. also highlighted in its financial report that the onset of the Coronavirus pandemic weighed on its earnings per share (EPS) in the fourth quarter by approximately £0.20 per share. Due to the health emergency, the company also refrained from giving guidance for the first quarter as well as the fiscal 2020. It, however, reiterated that its financial performance can be expected to take a significant hit due to COVID-19.

PVH Corp’s CEO Tests Positive For Coronavirus

In separate news, PVH Corp’s chief executive officer, Manny Chirico, also revealed in his talk with CNBC’s Jim Cramer on Wednesday that he recently tested positive for the flu-like virus. In his “Mad Money” interview, Chirico was reported quoting “I am fine” as he also highlighted that his family was fortunate to have not been diagnosed with the virus.

The 62-year-old executive was at Montefiore Medical Center for the quality control of the N95 masks when he was diagnosed with COVID-19. Chirico also used the platform to appreciate the efforts of healthcare professionals, emergency workers, firemen, policemen etc. in serving as the frontline defense against the pandemic.

The Coronavirus has so far infected more than 216,000 people in the U.S and has caused over 5,100 deaths.

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