Tapestry Boosts FY24 EPS Outlook; Declares Dividend - Update
(RTTNews) - While reporting financial results for the second quarter on Thursday, Tapestry, Inc. (TPR) raised its earnings guidance for the full year 2024, while maintaining annual revenue outlook.
For fiscal 2024, the company now projects earnings in a range of $4.20 to $4.25 per share on revenues of approximately $6.7 billion, with constant currency revenue growth of about 2 percent.
Previously, the company expected earnings in the range of $4.10 to $4.15 per share on revenues approximately $6.7 billion, with constant currency revenue growth of about 2 to 3 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.12 per share on revenue of $6.73 billion for the year. Analysts' estimates typically exclude special items.
The Company's Board of Directors also declared a quarterly cash dividend of $0.35 per common share, payable on March 25, 2024 to shareholders of record as of the close of business on March 8, 2024.
Further, Tapestry continues to expect to return approximately $325 million to shareholders through dividend payments for an anticipated annual dividend rate of $1.40 per share, an increase of 17% from prior year.
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