(PVH) Phillips-Van Heusen – Earnings Estimates Headed Higher

March 17th, 2010

Phillips Van Heusen’s (PVH) estimates were inching higher even before the company announced it was going to acquire Tommy Hilfiger.

Company Description

Phillips-Van Heusen Corp. is a global designer and marketer of branded dress shirts, sportswear footwear, and other similar products. PVH has strong portfolio of brands including Calvin Klein , Izod, Bass, and DKNY. The company also holds key licenses to brands in the dress shirts, neckwear, and sportswear segments.

Fiscal Third-Quarter Results

In November, Phillips-Van Heusen announced revenue of $697.4 million, which was flat year-over-year. More important, the company earned $1.08 per share, beating the Zacks Consensus Estimate by $0.19 or 21.4%.

The company indicated that its business trends continued to improve in the third quarter, allowing PVH to top estimates.

This marked the fourth consecutive quarter that Phillips-Van Heusen beat consensus estimates. In those quarters, PVH topped the Zacks Consensus Estimate by an average of 21.4%.

Phillips-Van Heusen is scheuduled to release fourth-quarter results on March 23.

Hilfiger Acquisition

On March 15, PVH announced that was acquiring the Tommy Hilfiger brand for $3 billion in cash and stock Incorporatedreasing PVH’s share of the menswear market in U.S. department stores.

Estimates Headed Higher

On Jan 11, PVH upped its earnings guidance for the fourth quarter from $0.38-$0.42 to $0.52-$0.45. This prompted analysts to increase their estimates.

In the last two months, the Zacks Consensus Estimate for 2010 is up 5 cents to $2.80, and the Zacks Consensus Estimate for 2011 is up 11 cents to $3.24.

However, the current consensus estimates do not reflect the Hilfiger acquisition.

PVH expects the Hilfiger deal to add $0.20 to $0.25 per share to its earnings this year and $0.75 to $1.00 per share next year. Management’s outlook suggests that consensus estimates are going to move much in the weeks and months ahead.

Zacks Investment Research

More on this topic (What's this?)
Intra-day action (AlphaNinja, 3/15/10)
Philips-Van Heusen Falls on Dingy Outlook (Wall Street Sector Selector, 5/25/10)
Trading results 3/15/10 (Robert Weinstein Trading Blog, 3/15/10)
PVH Corp. Dives on Revised Guidance (Phil’s Stock World, 1/11/12)
Read more on Phillips-Van Heusen at Wikinvest

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