Added TWTR 8.05 +1.51 on very strong earnings above expectations: Tweeter Stock Hits New High on 4Q Profit
Thursday January 26, 10:49 am ET
Tweeter Shares Hit New High After Reporting Sharply Higher Fourth-Quarter Earnings
CANTON, Mass. (AP) -- Tweeter Home Entertainment Group Inc., a specialty consumer electronics retailer, posted Thursday a sharply higher fourth-quarter profit on lower costs.
Tweeter shares surged $2.09, or 32 percent, to $8.62 on Nasdaq, a new 52-week high. The stock has traded in a 52-week range of $2.26 to $6.99.
Net earnings for the three months ended Dec. 31, jumped to $14.3 million, or 58 cents per share, compared with $4.9 million, or 20 cents per year, last year.
Revenue climbed 3.2 percent to $266.5 million from $258.2 million. Same-store sales, which measures sales at stores open at least one year, rose 6 percent.
Analysts surveyed by Thomson Financial were looking for a profit of 28 cents per share, excluding any one-time items, with $265.6 million in sales.
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