Iconix Brand Group nudged past profit expectations in the first quarter and boosted guidance for the year.
Net income gained 23.9 percent to $34.2 million, or 51 cents a diluted, share, from $27.6 million, or 37 cents, a year earlier. Adjusted earnings of 54 cents came in 2 cents ahead of the 52 cents analysts projected.
Licensing and other revenues for the quarter ended March 31 advanced 18.8 percent to $105.1 million from $88.5 million.
Over the past five months, the brand manager has acquired Lee Cooper, Umbro and a 51 percent stake in Buffalo.
“With our current pipeline we believe there are additional opportunities, which would continue to enhance our portfolio,” said Neil Cole, chairman and chief executive officer. “As we look ahead, we are also focused on continuing to build our portfolio of brands organically through our global platform.”
The company boosted guidance for adjusted earnings per share this year to a range of $2.10 to $2.20 from the $2.05 to $2.15 previously projected.