Wolverine Worldwide Inc. (WWW), a manufacturer of work-related footwear and apparel, reported lower first-quarter net earnings attributable to the company of $29.8 million, or $0.60 per share, versus $31.2 million, or $0.64 per share a year back.
Excluding non-recurring transaction and integration expenses, adjusted earnings per share for the latest period amounted to $0.81. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.55 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly revenue was $645.9 million, growth of 100.1% versus prior year's reported revenue and growth of 8.2% versus last year's pro forma revenue. Key contributors to the excellent revenue performance in the quarter were Sperry Top-Sider, Merrell, and Saucony, with the foreign exchange fluctuations having minimal impact on reported revenue growth in the quarter. Analysts estimated revenues of $631.52 million for the quarter.
For the full year, the company now sees revenue in the range of $2.7 billion - $2.775 billion - growth in the range of 6.0% - 9.0%, while adjusted earnings per share is still expected to lie between $2.50 and $2.65 per share - growth in the range of 9.2% - 15.7%. Analysts project earnings of $2.63 per share, on $2.72 billion revenue for 2013.
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