Party City Holdco Inc PRTY is trading higher Monday morning after the company reported better-than-expected first-quarter earnings and issued second-quarter guidance above estimates.
What Happened: Party City reported an earnings loss of 5 cents per share, beating the estimate for a loss of 18 cents per share. It reported revenue of $426.8 million, beating the estimate of $405.11 million. The company issued second-quarter revenue guidance of $475 million to $490 million, which came in above the estimate for $382.71 million.
Related Link: Party City Holdco: Q1 Earnings Insights
“We delivered continued strong core category performance and better than expected results in seasonal categories in the first quarter, fueling top and bottom line performance that exceeded expectations," said Brad Weston, CEO of Party City.
Price Action: Party City traded as high as $9.21 and as low as 43 cents over a 52-week period. At last check Monday, the stock was up 7.4% at $8.56.
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