NEW YORK - Tiffany & Co. (TIF) on Friday reported fiscal fourth-quarter earnings that beat Wall Street expecations. The high-end jeweler, based in New York City, posted a net profit $163.2 million for the period, or $1.28 per share. Earnings, adjusted for asset impairment costs and nonrecurring costs, came to $1.46 per share.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share. Tiffany posted revenue of $1.21 billion in the period, which met Street forecasts.
For the year, the company reported profit of $463.9 million, or $3.59 per share. Revenue was reported as $4.1 billion.
Tiffany shares have dropped 8 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has declined 17 percent in the last 12 months.
In early trading before regular hours on Friday morning Tiffany shares bumped up slightly, by 0.2 percent, or 13 cents, to $70.25.
Despite the stock's recent struggles, some analysts still see Tiffany as a good buy. Robert Drbul, equity analyst at Nomura, says "Valuation is the silver lining" in assessing Tiffany's worth." But S&P Global Market Intelligence has dropped its rating to "sell" from "hold."