Why Party City Stock Just Crashed 59% [The Motley Fool]
Party City Holdco Inc. (PRTY)
Last party city holdco inc. earnings: 3/12 06:55 am
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US:NYSE Investor Relations:
investor.partycity.com/investors/default.aspx
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Source: The Motley Fool
Why Party City Stock Just Crashed 59% Investors were hoping for a small profit, but they got a huge loss instead. Party supplies chain Party City Holdco ( NYSE:PRTY ) reported its third-quarter 2019 earnings this morning, and its stock is in free fall -- down an astonishing 59.4% as of 11:35 a.m. EST. As you can probably guess, the news wasn't good. Heading into earnings, analysts had predicted Party City would report only a penny per share in adjusted (i.e., pro forma ) profit on $551.1 million in sales but, in fact, the news was much worse. Sales came in a bit short at $540.2 million, while earnings, well, there weren't any. Instead, Party City lost $0.28 per share (albeit, again, pro forma). Sales for the quarter declined 2.3% year over year, but the really bad news had to do with earnings. As if the pro forma earnings miss weren't bad enough, Party City produced GAAP results (that's earnings calculated according to generally accepted accounting principles) literally 100 times wo
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