Party City: 2Q Earnings Snapshot
ELMSFORD, N.Y. (AP) _ Party City Holdco Inc. (PRTY) on Thursday reported second-quarter profit of $48.1 million.
On a per-share basis, the Elmsford, New York-based company said it had net income of 51 cents. Earnings, adjusted for one-time gains and costs, were 22 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The party supplies retailer and wholesaler posted revenue of $563.9 million in the period.
Party City expects full-year earnings in the range of $1.26 to $1.36 per share, with revenue in the range of $2.4 billion to $2.45 billion.
Party City shares have fallen 43% since the beginning of the year. The stock has decreased 63% in the last 12 months.