Party City: 2Q Earnings Snapshot
ELMSFORD, N.Y. (AP) _ Party City Holdco Inc. (PRTY) on Thursday reported second-quarter net income of $28.5 million.
On a per-share basis, the Elmsford, New York-based company said it had net income of 29 cents. Earnings, adjusted for non-recurring costs and amortization costs, were 40 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The party supplies retailer and wholesaler posted revenue of $561 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $560.8 million.
Party City expects full-year earnings in the range of $1.76 to $1.87 per share, with revenue in the range of $2.44 billion to $2.49 billion.
Party City shares have increased 13 percent since the beginning of the year. The stock has climbed 7 percent in the last 12 months.