Movado Q3 Earnings Beat Estimates - Quick Facts

(RTTNews) - Movado Group, Inc. (MOV) Tuesday reported third-quarter earnings which decreased amid a 0.6 percent decline in sales. Nevertheless, earnings topped analysts' expectations by a penny.

For the three months to October, the watchmaker's net earnings were $22.2 million, or $0.87 per share, down from $23 million, or $0.89 per share, a year ago.

On average, five analysts polled by Thomson-Reuters estimated earnings to be $0.86. Analysts' estimates typically exclude one-time items.

Net sales decreased to $188.56 million, from $189.68 million last year, while analysts expected $188.7 million.

For the fourth quarter, the company said it expects earnings of $0.18 to $0.23 per share, assuming no significant fluctuations in foreign currency exchange rates, on net sales of $132 million to $137 million.

Movado expects to record a $3 million one-time pretax charge, which is excluded from its outlook, in either the fourth quarter of fiscal 2015 or early in fiscal 2016.

Separately, the company said its board is increasing share buyback program authorization to $100 million, from the original $50 million.

The board also recommended a $0.10 per share quarterly dividend, payable on December 19 to shareholders of record on December 5.