PVH Corp adjusts earnings outlook after Speedo sale

PVH Corp. has updated its fourth quarter and full year 2019 earnings outlook in connection with sale of its Speedo North America business to Pentland Group PLC for 170 million dollars in cash.

The company currently projects loss per share on a GAAP basis for the fourth quarter 2019 will be approximately 20 cents and earnings per share on a GAAP basis for the full year 2019 to be approximately 6.32 dollars. The company said in a statement that projected earnings per share include an estimated pre-tax non-cash loss of approximately 130 million dollars related to the sale of the Speedo North America business. The company’s prior guidance for earnings per share on a GAAP basis was 1.56 dollars to 1.58 dollars for the fourth quarter and 8.04 dollars to 8.06 dollars for the full year.

The company added that earnings per share on a non-GAAP basis for the fourth quarter and the full year 2019 will be at least 1.79 dollars and 9.45 dollars, respectively, the high end of its guidance ranges previously announced.

Picture:Facebook/Speedo