Lifetime Brands rises on strong Q4 results

Lifetime Brands

09/03/2023 19:20

** Shares of KitchenCraft owner Lifetime Brands Inc  LCUT.O 
rise as much as 14% to $6.75; last up ~4% 
    ** Stock set to gain for the first day in seven sessions
    ** Co beats Q4 profit estimates, benefiting from keeping a
tight lid on its costs
    ** LCUT's efforts to reduce costs and restructure its
European operations have driven improved gross margins, says CEO
Rob Kay
    ** Co reports Q4 adjusted profit per share of 22 cents,
compared with analysts' estimate of 15 cents, per Refinitiv data
    ** Also, LCUT's Q4 revenue falls 19% to $207 mln on reduced
orders from customers, but beats analysts' expectation of $199.3
mln
    ** However, stock still down over 23% since it missed
analysts' estimates for Q3 revenue and profit in early November
    ** Stock has fallen 55.8% in the past 12 months

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))