Iconix Brand 3Q results beat Wall Street's view

Associated Press

NEW YORK (AP) — Iconix's third-quarter net income rose 4 percent as expenses declined. The clothing licensing company's performance topped analysts' expectations and it gave a 2013 revenue forecast above Wall Street's view.

Shares of Iconix Brand Group Inc. rose 68 cents, or 3.7 percent, to $19.19 in afternoon trading Thursday. Over the past year, the stock has traded between $14.27 and $21.95.

Iconix, whose brands include Joe Boxer and London Fog, earned $27.1 million, or 38 cents per share, compared with $26 million or 34 cents per share, a year earlier.

Taking out a gain related to an Ed Hardy investment and other items, earnings were 41 cents per share.

Analyst predicted 40 cents per share, according to a FactSet poll.

Revenue for the period ended Sept. 30 declined 7 percent to $86.6 million from $92.7 million. This still beat Wall Street's forecast of $83.1 million.

The company expects 2012 adjusted earnings at the low end of its forecast for $1.65 to $1.74 per share. Revenue is forecast at the higher end of its outlook for $340 million to $350 million.

Analysts foresee earnings of $1.67 per share on revenue of $350.1 million.

Going forward, Iconix anticipates 2013 adjusted earnings of $1.85 to $1.95 per share on revenue in a range of $395 million to $405 million.

Wall Street predicts earnings of $1.85 per share on revenue of $367 million.

Last month Iconix announced that it is buying Nike Inc.'s Umbro brand, which is known for its soccer jerseys, for $225 million in cash.