Tiffany Q3 Results Beat View - Quick Facts

(RTTNews) - Tiffany & Co. (TIF) reported that its third-quarter net earnings were $119 million up 52% from $78.4 million last year. Net earnings per share were $0.98 compared to $0.65 in the prior year.

Excluding certain costs recorded in the period related to the pending acquisition of the Company by LVMH Moët Hennessy - Louis Vuitton SE,., third quarter net earnings were $135.5 million or $1.11 per share, up 73% from the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the third-quarter. Analysts' estimates typically exclude special items.

Net sales were $1.0 billion down 1% from last year. But comparable sales increased by 3%. Analysts expected revenues of $980.71 million for the third-quarter.

On a constant-exchange-rate basis, net sales decreased 2% and comparable sales increased 1% from the prior year.

In late-October, Tiffany agreed to accept a lower price of its acquisition by LVMH Moet Hennessy Louis Vuitton (LVMHF.PK, LVMUY.PK), ending a legal dispute between them.

The revised takeover price was $131.50 per share compared to the original takeover price of $135 per share.

In September, LVMH filed a countersuit against Tiffany in Delaware Chancery Court to walk away from its acquisition of the U.S. Jeweler, after claiming a series of poor decisions by Tiffany since the deal was announced late last year.

Tiffany then said there was no valid reason to terminate the deal and filed a complaint in a Delaware court.

The U.S. court set a trial date of January 5, 2021.

It was in November last year that LVMH agreed to buy Tiffany for $135 per share in cash. The transaction had an equity value of about 14.7 billion euros or $16.2 billion. Tiffany shareholders approved its proposed acquisition by LVMH in February.