Geely Sees A Flat Year Ahead After Missing Forecasts

Capri Holdings Limited (CPRI) climbed 11.30% to $48.47 Wednesday after the apparel company beat Wall Street's third-quarter earnings expectations.

The London-based company earned $199.6 million, or $1.33 a share, down from $219.4 million, or $1.42 a share, a year ago. Adjusted earnings were $1.76 a share, beating analysts' expectations of $1.57 a share.

Capri, which changed its name from Michael Kors Holdings Ltd., posted revenue of $1.44 billion, missing Wall Street's forecast of $1.45 billion, and essentially flat from the year-ago total.

John D. Idol, chairman and CEO, said in a statement that "we are extremely pleased to have recently renamed our company Capri Holdings Limited and completed the acquisition of Versace."

"In the quarter, Jimmy Choo delivered strong performance, as we continued to execute on our accelerated growth plans," Idol said. "In Michael Kors, we remain focused on executing our Runway 2020 strategic initiatives and expect our efforts will return the brand to growth next year."

Looking ahead, the company said it expects fourth-quarter earnings of 56 cents to 61 cents a share and revenue of roughly $1.33 billion. Wall Street is expecting earnings of 82 cents a share on revenue of $1.39 billion.

For fiscal 2019, Capri said it expects earnings to be $4.90 to $4.95 a share on revenue of roughly $5.22 billion. For fiscal 2020, the company is calling for earnings of about $4.95 a share and revenue of about $6.1 billion. 

Analysts are forecasting 2019 earnings of $4.98 a share and revenue of $5.3 billion; they see earnings of $5 a share on revenue of $6.17 billion for 2020.

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