Party City: 3Q Earnings Snapshot
ELMSFORD, N.Y. (AP) _ Party City Holdco Inc. (PRTY) on Thursday reported a third-quarter loss of $2.4 million, after reporting a profit in the same period a year earlier.
The Elmsford, New York-based company said it had a loss of 3 cents per share. Earnings, adjusted for non-recurring costs, were 8 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The party supplies retailer and wholesaler posted revenue of $553 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $591.8 million.
Party City expects full-year earnings in the range of $1.60 to $1.65 per share, with revenue in the range of $2.43 billion to $2.46 billion.
Party City shares have dropped 36 percent since the beginning of the year. The stock has decreased 14 percent in the last 12 months.