Inter Parfums Q1 Profit Plunges; Backs FY14 Outlook

(RTTNews) - Inter Parfums Inc. (IPAR) Wednesday reported first-quarter net income attributable to the company of $8.9 million or $0.29 per share, compared to net income of $31.7 million or $1.03 per share in the same period last year.

On average, six analysts polled by Thomson Reuters expected the company to report a loss of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.

Sales dropped 43% to $121.73 million from $213.81 million last year, while four analysts expected revenues of $121.70 million.

For the fiscal 2014, the company said it continues to expect net sales of about $495 million for a nearly 15% year-over-year sales improvement by its ongoing brands, resulting in net income attributable to Inter Parfums, Inc. in the range of $0.93 to $0.98 per share. Analysts currently expect full-year earnings of $1.09 per share on revenues of $511.18 million.

The company said its regular quarterly cash dividend of $0.12 per share will be paid on July 15, 2014 to shareholders of record on June 30, 2014.