American Eagle Outfitters Earns $33 Million (AEO)

American Eagle Outfitters, Inc. AEO announced on Thursday morning that it met consensus Wall Street estimates. American Eagle Outfitters, Inc reported that its 3rd quarter net income fell to $33 million, or 17 cents per share, down from $59.2 million, or 28 cents per share, a year earlier. Excluding special items, the company's earnings came in at 29 cents per share. The company's revenue rose to $751.51 million, up from $736.01 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 29 cents per share, on revenue of $748.91 million. Chief executive officer Jim O'Donnell said, “Our third quarter results reflect meaningful progress toward our goals and demonstrate the positive impact of recent initiatives. We achieved sales growth with less reliance on promotional activity. Our operating income improvement stemmed from stronger merchandising, well positioned inventories and expense management. Looking ahead, I am confident that we can achieve further recovery in operating profits over the course of the next 12 to 18 months.” American Eagle Outfitters, Inc. (AEO) closed the previous trading day at $15.85 per share. Analysts covering the company's stock give it a consensus price target of $16.57 per share. Read more from Benzinga's Company news.