Tiffany & Co. announced Thursday that their first quarter profit increased 25% on higher revenue globally. Earnings increased to $81.1 million or 63 cents a share, compared to $64.4 million or 50 cents a share last year. Analysts expected 57 cents a share. Revenue increased 20% to $761 million from $633.6 million last year, higher than analyst expectations of $702.6. For the entire year, Tiffany expects earnings of $3.45 to $3.55 a share, from previous guidance of $3.35 to $3.45 a share. Analysts expected earnings of $3.31 a share. Shares increased $6.16 or 8.8% to $76.20 this morning.
Lenovo Group Ltd. more than tripled their fourth quarter earnings, beating forecasts on strong demand from commercial customers. They reported earnings of $42.13 million in their fourth quarter, compared to $12.8 million a year earlier. This was better than expectations as earnings were expected to be $36.7 million. For the year that ended, Lenovo’s profit totaled $273.23 million which was higher than the $267.8 million forecasted. Shares were up 0.7% before the results were announced this morning.