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Shares of PVH Corporation (NYSE:PVH) were little changed, up only 1.2% in the after hours trading session. The company beat analysts' and company targets for earnings per share and raised guidance for the fiscal year after reporting after Tuesday's market close. The large retail clothing company has a lot of growth to look forward to with a recent acquisition announcement that has sent shares soaring. Is there still room for investors to get in?

In the third quarter, PVH reported revenue of $1.64 billion, a one percent decrease from last year. On a constant currency basis, the company actually beat last year's revenue by 4%. Earnings per share (non-GAAP) was reported as $2.34. The earnings beat the company's high end of guidance by $0.04. The earnings also beat last year's third quarter by 24%.

Sales under the Tommy Hilfiger brand increased 1% to $833.6 million. Sales under the Calvin Klein brand increased 6% to $319.6 million. Heritage Brands (Izod, Van Heusen, Bass, Arrow) increased 7% to $489.5 million. Comparable same store sales increased at the company's retail outlets. Calvin Klein saw same store sales grow 9%. Tommy Hilfiger stores saw an increase of 9% in the United States, while international stores saw a decrease of 4%.

The company has set full year earnings guidance at $6.37 to $6.38 per share. The company sees revenue hitting $6.01 billion for the fiscal year, an increase of 2% from the prior year. In the fourth quarter, PVH sees earnings per share hitting $1.48 to $1.49. Analysts on Yahoo Finance see the company reporting $1.52 in the fourth quarter, and $6.37 for the full fiscal year. In fiscal 2014, analysts see the company earning $7.43 per share.

PVH owns brands Calvin Klein, Tommy Hilfiger, Izod, Van Heusen, Bass, and Arrow. The company also licenses Geoffrey Beene, Kenneth Cole, Michael Kors (NYSE:KORS), Sean John, Chaps, Donald Trump, DKNY, and John Varvatos.

The acquisition of Warnaco (NYSE:WRC) by PVH Corporation was overshadowed by the announcement that Lucasfilm had been acquired by Disney (NYSE:DIS). Investors who noticed the deal took note and sent shares up higher. The Warnaco acquisition reunites the Calvin Klein brand to PVH. Warnaco had the license for underwear and jeans under the popular CK brand. The acquisition also gives PVH brands like Speedo, Chaps, Warner's, and Olga. Together, the combined clothing company will have annual sales of $8 billion.

I think the acquisition makes sense for PVH and will create a large brand company that can also increase its retail presence. The company can open stores under the PVH umbrella that will sell all PVH owned brands. International sales can also accelerate through Tommy Hilfiger's strong presence overseas.

Warnaco reported third quarter earnings per share of $1.15, an increase of 7.5% from the previous year. Net sales declined 5% in the third quarter to $611.5 million. PVH is hoping it can boost Calvin Klein sales by having them all under one company.

Shares of PVH have already shot up 63.5% on the calendar year. Shares have traded between $66.36 and $116.94 over the course of the last fifty two weeks. Shares now trade at $116.94 and are above previous all time highs set from the Warnaco acquisition announcement. Shares trade at 18.4x the current fiscal year's estimated earnings. In 2014, if the company can hit $7.43 in earnings per share, the multiple drops to 15.7x. I love the long term story of PVH with new brands under its ownership, but would wait to get shares on a pullback.

Source: PVH Corporation Shares Hit All Time High After Strong Third Quarter