We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Inter Parfums (IPAR) Q4 Earnings Increase, 2023 View Rises
Read MoreHide Full Article
Inter Parfums, Inc. (IPAR - Free Report) delivered fourth-quarter 2022 results, with the top and the bottom line increasing year over year. Management raised its 2023 net sales and earnings per share (EPS) guidance.
Results in Detail
Inter Parfums posted fourth-quarter earnings of 52 per share. Excluding asset impairment charges, the company’s adjusted earnings came in at 71 cents per share. The company posted a loss of 4 cents per share in the year-ago quarter. The Zacks Consensus Estimate for fourth-quarter 2022 was pegged at 34 cents.
Quarterly net sales increased 47% to $311 million compared with $211 million reported in the year-ago quarter. The Zacks Consensus Estimate for fourth-quarter 2022 net sales was pegged at $280.6 million.
Inter Parfums, Inc. Price, Consensus and EPS Surprise
In an earlier press release, Inter Parfums’ net sales advanced 47% to $311 million for three months ended Dec 31, 2022. At comparable currency rates, consolidated fourth-quarter net sales rose 57% year over year. For the fourth quarter, Inter Parfums’ Europe-based product sales came in at $197 million, up 45% from the 2021 levels. U.S.-based product sales amounted to $114 million, increasing 52% from the fourth quarter of 2021.
In 2022, net sales rallied 24% to $1,087 billion, a little more than management’s latest projection of $1.08 billion. At comparable exchange rates, consolidated net sales rose 30% for the full year.
In 2022, Europe-based product sales came in at $744 million, up 12% from 2021. U.S.-based product sales amounted to $343 million, rising 58% from 2021. In the fourth quarter, IPAR witnessed solid sales increases from its largest brands, including Montblanc, Jimmy Choo, Coach and GUESS?, which delivered growth of 50%, 78%, 82% and 28%, respectively. In the company’s U.S. operations, brands like Oscar de la Renta and Abercrombie & Fitch generated sales growth of 28% and 16%, respectively, in the fourth quarter. In European operations, Moncler, Kate Spade and Boucheron brands witnessed solid increases of 34%, 140% and 25%, respectively.
Inter Parfums’ fourth-quarter gross profit margin was 64.4%, up 180 basis points from 62.6% reported in the year-ago quarter. In the European-based operations, the company’s 2022 gross margin came in at 68.2%, up from 66.6% reported in the year-ago period. The upside can be attributed to pricing actions and a favorable channel mix, among others. For U.S.-based operations, the company’s 2022 gross margin stood at 54.7% compared with 53.1% reported in the year-ago period. The upside can be attributed to scale, pricing actions and favorable channel/brand mix. These factors more than offset inflationary impact.
Quarterly operating margin came in at 7.5%, up 1,326 basis points reported in the year-ago quarter. SG&A expenses for the fourth quarter amounted to $169.1 million, up from $144.1 million reported in the year-ago quarter.
Image Source: Zacks Investment Research
Other Financial Aspects
Inter Parfums ended the quarter with cash and cash equivalents of $104.7 million, long-term debt (excluding the current portion) of $151.5 million and total equity of $788.1 million.
Inter Parfums announced an annual dividend hike of 25% to $2.50 per share. The company will pay quarterly dividend of 62.5 cents per share, payable on Mar 31, 2023, to shareholders of record as of Mar 15.
Other Updates
Management expects to unveil new products and brand extensions throughout 2023. The company’s largest European-based brand, Montblanc, will release a sister scent for the signature line and one for men in the Explorer franchise. The company will introduce Rose Passion, a new flanker for Jimmy Choo. Its Coach brand will add scents for men and women. Inter Parfums’ mid-sized brands will roll out new scents, like a collection for Moncler and Chérie by Kate Spade. It will also add some fragrance to Rochas and Van Cleef & Arpels family.
For the U.S.-based operations, every brand in the portfolio is introducing companion products for existing programs. In addition, management has a new version of GUESS Uomo and Bella Vita in the pipeline. The company is on track with launches for Abercrombie & Fitch. The company will launch its first men’s scent for MCM brand.
Guidance
Management raised its 2023 guidance. Management highlighted that it began 2023 on a solid note, with sizable orders already booked in the first two months.
For 2023, management now expects net sales of nearly $1.2 billion, up 10% year over year. The company earlier expected net sales of $1.15 billion in 2023. Management now expects 2023 earnings per share of $4.00, up 6% year over year. Earlier, the company had expected earnings of $3.75 per share.
The guidance is based on the assumption of no major resurgence in coronavirus cases and the current level of the average dollar/euro exchange rate.
The Zacks Rank #2 (Buy) stock has increased 21.2% in the past three months compared with the industry’s 5.1% growth.
Conagra, a consumer-packaged goods food company, currently sports a Zacks Rank #1 (Strong Buy). CAG has a trailing four-quarter earnings surprise of 8.9%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Conagra’s current fiscal-year sales and earnings suggests growth of 7.2% and 12.7%, respectively, from the corresponding year-ago reported figures.
Lamb Weston, which is a frozen potato product company, currently sports a Zacks Rank #1. LW has a trailing four-quarter earnings surprise of 52.6%, on average.
The Zacks Consensus Estimate for Lamb Weston’s current fiscal-year sales and earnings suggests an increase of 19.3% and 89.9%, respectively, from the year-ago reported number.
Mondelez International, which manufactures, markets, and sells snack food and beverage products, carries a Zacks Rank 2 (Buy). MDLZ has a trailing four-quarter earnings surprise of 7.5%, on average.
The Zacks Consensus Estimate for Mondelez’s current financial year sales and earnings suggests growth of 9% and 7.5%, respectively, from the corresponding year-ago reported figures.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Inter Parfums (IPAR) Q4 Earnings Increase, 2023 View Rises
Inter Parfums, Inc. (IPAR - Free Report) delivered fourth-quarter 2022 results, with the top and the bottom line increasing year over year. Management raised its 2023 net sales and earnings per share (EPS) guidance.
Results in Detail
Inter Parfums posted fourth-quarter earnings of 52 per share. Excluding asset impairment charges, the company’s adjusted earnings came in at 71 cents per share. The company posted a loss of 4 cents per share in the year-ago quarter. The Zacks Consensus Estimate for fourth-quarter 2022 was pegged at 34 cents.
Quarterly net sales increased 47% to $311 million compared with $211 million reported in the year-ago quarter. The Zacks Consensus Estimate for fourth-quarter 2022 net sales was pegged at $280.6 million.
Inter Parfums, Inc. Price, Consensus and EPS Surprise
Inter Parfums, Inc. price-consensus-eps-surprise-chart | Inter Parfums, Inc. Quote
In an earlier press release, Inter Parfums’ net sales advanced 47% to $311 million for three months ended Dec 31, 2022. At comparable currency rates, consolidated fourth-quarter net sales rose 57% year over year. For the fourth quarter, Inter Parfums’ Europe-based product sales came in at $197 million, up 45% from the 2021 levels. U.S.-based product sales amounted to $114 million, increasing 52% from the fourth quarter of 2021.
In 2022, net sales rallied 24% to $1,087 billion, a little more than management’s latest projection of $1.08 billion. At comparable exchange rates, consolidated net sales rose 30% for the full year.
In 2022, Europe-based product sales came in at $744 million, up 12% from 2021. U.S.-based product sales amounted to $343 million, rising 58% from 2021. In the fourth quarter, IPAR witnessed solid sales increases from its largest brands, including Montblanc, Jimmy Choo, Coach and GUESS?, which delivered growth of 50%, 78%, 82% and 28%, respectively. In the company’s U.S. operations, brands like Oscar de la Renta and Abercrombie & Fitch generated sales growth of 28% and 16%, respectively, in the fourth quarter. In European operations, Moncler, Kate Spade and Boucheron brands witnessed solid increases of 34%, 140% and 25%, respectively.
Inter Parfums’ fourth-quarter gross profit margin was 64.4%, up 180 basis points from 62.6% reported in the year-ago quarter. In the European-based operations, the company’s 2022 gross margin came in at 68.2%, up from 66.6% reported in the year-ago period. The upside can be attributed to pricing actions and a favorable channel mix, among others. For U.S.-based operations, the company’s 2022 gross margin stood at 54.7% compared with 53.1% reported in the year-ago period. The upside can be attributed to scale, pricing actions and favorable channel/brand mix. These factors more than offset inflationary impact.
Quarterly operating margin came in at 7.5%, up 1,326 basis points reported in the year-ago quarter. SG&A expenses for the fourth quarter amounted to $169.1 million, up from $144.1 million reported in the year-ago quarter.
Image Source: Zacks Investment Research
Other Financial Aspects
Inter Parfums ended the quarter with cash and cash equivalents of $104.7 million, long-term debt (excluding the current portion) of $151.5 million and total equity of $788.1 million.
Inter Parfums announced an annual dividend hike of 25% to $2.50 per share. The company will pay quarterly dividend of 62.5 cents per share, payable on Mar 31, 2023, to shareholders of record as of Mar 15.
Other Updates
Management expects to unveil new products and brand extensions throughout 2023. The company’s largest European-based brand, Montblanc, will release a sister scent for the signature line and one for men in the Explorer franchise. The company will introduce Rose Passion, a new flanker for Jimmy Choo. Its Coach brand will add scents for men and women. Inter Parfums’ mid-sized brands will roll out new scents, like a collection for Moncler and Chérie by Kate Spade. It will also add some fragrance to Rochas and Van Cleef & Arpels family.
For the U.S.-based operations, every brand in the portfolio is introducing companion products for existing programs. In addition, management has a new version of GUESS Uomo and Bella Vita in the pipeline. The company is on track with launches for Abercrombie & Fitch. The company will launch its first men’s scent for MCM brand.
Guidance
Management raised its 2023 guidance. Management highlighted that it began 2023 on a solid note, with sizable orders already booked in the first two months.
For 2023, management now expects net sales of nearly $1.2 billion, up 10% year over year. The company earlier expected net sales of $1.15 billion in 2023. Management now expects 2023 earnings per share of $4.00, up 6% year over year. Earlier, the company had expected earnings of $3.75 per share.
The guidance is based on the assumption of no major resurgence in coronavirus cases and the current level of the average dollar/euro exchange rate.
The Zacks Rank #2 (Buy) stock has increased 21.2% in the past three months compared with the industry’s 5.1% growth.
Some Top-Ranked Food Bets
Some top-ranked stocks are Conagra Brands (CAG - Free Report) , Lamb Weston (LW - Free Report) and Mondelez International, Inc. (MDLZ - Free Report) .
Conagra, a consumer-packaged goods food company, currently sports a Zacks Rank #1 (Strong Buy). CAG has a trailing four-quarter earnings surprise of 8.9%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Conagra’s current fiscal-year sales and earnings suggests growth of 7.2% and 12.7%, respectively, from the corresponding year-ago reported figures.
Lamb Weston, which is a frozen potato product company, currently sports a Zacks Rank #1. LW has a trailing four-quarter earnings surprise of 52.6%, on average.
The Zacks Consensus Estimate for Lamb Weston’s current fiscal-year sales and earnings suggests an increase of 19.3% and 89.9%, respectively, from the year-ago reported number.
Mondelez International, which manufactures, markets, and sells snack food and beverage products, carries a Zacks Rank 2 (Buy). MDLZ has a trailing four-quarter earnings surprise of 7.5%, on average.
The Zacks Consensus Estimate for Mondelez’s current financial year sales and earnings suggests growth of 9% and 7.5%, respectively, from the corresponding year-ago reported figures.