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Tiffany ups payout, sees 1st-qtr topping estimates

NEW YORK
Thu May 15, 2008 10:25am EDT

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NEW YORK (Reuters) - High-end jeweler Tiffany & Co (TIF.N) raised its dividend by 13 percent on Thursday, saying the year had gotten off to a better-than-expected start, and raised its quarterly earnings estimate, sending shares up more than 5 percent.

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The company said it expects to exceed its previous earnings-per-share forecast of 39 cents when it reports its first-quarter earnings in a few weeks.

"While we remain cautious about U.S. economic conditions, net earnings in the first quarter will surpass our previous expectation that called for earnings per share to be roughly equal to last year's 39 (cents)," said Chairman and Chief Executive Michael Kowalski in a statement.

Tiffany said it will raise its quarterly dividend to 17 cents per share from 15 cents. The shares were up $2.50, or 5.5 percent, at $48.33 on the New York Stock Exchange.

(Reporting by Patrick Fitzgibbons, editing by Gerald E. McCormick)
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