Party City Holdco Inc. PRTY reported second-quarter earnings at 22 cents per shares, which missed the analyst consensus estimate of 36 cents.
The company reported sales of $563.9 million, which missed the analysts estimate of $572.14 million.
Party City cut fiscal year 2019 guidance sales from $2.49 billion-$2.54 billion to $2.4 billion-$2.45 billion versus the $2.48 billion estimate.
The company adjusted EPS from $1.61-$1.72 to $1.26-$1.36 versus the $1.65 estimate and adjusted EBITDA to $355 million-$370 million.
"Overall, in the second-quarter we continued to experience headwinds from direct and indirect impacts of the helium shortages and higher helium costs in many of our markets,” said CEO James Harrison. “Additionally, results were negatively impacted by the flow through of temporarily higher freight costs incurred in late 2018 and non-recurring inventory markdown costs associated with planned store.”
Party City shares were trading down 17.5% at $4.69 in Thursday’s pre-market session. The stock has a 52-week high of $16.68 and a 52-week low of $5.46.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
