Inter Parfums Beats Earnings Estimates (IPAR)

Inter Parfums, Inc. IPAR announced after the market closed on Tuesday that it beat consensus Wall Street earnings estimates. Inter Parfums, Inc reported that its 3rd quarter net income rose to $8.5 million, or 28 cents per share, up from $7.3 million, or 24 cents per share, a year earlier. The company's revenue rose to $120.85 million, up from $117.54 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 22 cents per share, on revenue of $120.9 million. Chairman and chief executive officer Jean Madar said, “As compared to the first two quarters of this year, third quarter product launches were far more modest. Our two most significant new market entrants during the third quarter were Marry Me! by Lanvin for women and Midnight in Paris for men by Van Cleef & Arpels. Our European-based prestige fragrance business has been improving especially in Asia, South America, the Middle East and Eastern Europe where in local currency year-to-date sales rose 27%, 44%, 19% and 62%, respectively, compared to the same period in 2009. In our largest markets, Western Europe and North America, year-to-date sales in local currency are up 13% and 14%, respectively.” Inter Parfums, Inc. (IPAR) closed Tuesday trading at $18.62 per share. Analysts covering the company's stock give it a consensus price target of 19.14 per share. Read more from Benzinga's Company news.