06:06 AM EDT, 10/03/2024 (MT Newswires) -- (Updates with the stock move in the headline and first paragraph.)

Levi Strauss (LEVI) shares were down more than 11% in recent premarket activity Thursday after the company overnight reported net revenue that missed the average analyst estimate compiled by Capital IQ, taking the shine out of its adjusted earnings beat.

The company reported fiscal Q3 adjusted earnings late Wednesday of $0.33 per diluted share, up from $0.28 a year earlier.

Analysts polled by Capital IQ expected $0.31.

Net revenue in the quarter ended Aug. 25 rose to $1.52 billion from $1.51 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.55 billion.

The company continues to expect fiscal 2024 adjusted EPS of $1.17 to $1.27 on revenue growth of 1%. Analysts are looking for EPS of $1.25 on revenue of $6.32 billion.

The company kept its quarterly dividend at $0.13 a share, payable Nov. 14 to shareholders of record on Oct. 29.

Price: 18.72, Change: -2.34, Percent Change: -11.11