logo
Share SHARE
FONT-SIZE Plus   Neg

Wolverine World Wide Q3 Profit Rises, Tops Estimate; Lifts FY Adj. EPS View

Wolverine World Wide Inc. (WWW) reported that its third-quarter net earnings attributable to the company increased to $54.4 million from $32.7 million in the same quarter last year. Reported earnings per share were $1.08 compared to $0.66 in the prior year.

The company said that the latest-quarter included a full 12 weeks contribution from the Company's October 2012 acquisition of the Sperry Top-Sider, Saucony, Stride Rite, and Keds brands.

Excluding acquisition-related transaction and integration expenses in both years, earnings per share in the latest-quarter were $1.16, a 61.1% increase compared to $0.72 per share in the prior year's third quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter jumped to $716.7 million from $353.1 million in the prior year quarter. Twelve analysts had consensus revenue estimate of $712.94 million for the quarter.

The company raised its full-year adjusted earnings per share guidance to a range of $2.73 to $2.83 per share, representing growth in the range of 19.2% to 23.6%, compared to prior year adjusted earnings per share of $2.29, and even stronger growth of 30.0% to 34.8% after further adjusting the prior year for $0.19 per share of non-recurring tax benefit. Previously, the company expected full-year adjusted earnings per share to be in the range of $2.60 - $2.75 per share.

The company adjusted its full-year revenue guidance to a range of $2.71 billion to $2.73 billion, representing growth in the range of 6.4% to 7.1% compared to prior year pro forma revenue of $2.548 billion. Earlier, the company had expected revenues for the year to be in the range of $2.7 billion to $2.775 billion.

Analysts expect the company to report earnings of $2.80 per share and revenues of $2.73 billion for fiscal 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Target Corp. said it now plans to remodel more of its existing supercenters and open smaller stores in cities, aiming to win back shoppers in the highly competitive retail world. By the end of 2020, the company plans to remodel more than 1,000 of its 1,800 existing stores. Senate Republicans appear poised to approve a budget resolution that will serve as the legislative vehicle for their tax reform plan. The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate. President Donald Trump intends to nominate antitrust attorney Joseph Simons as chairman of the Federal Trade Commission, the White House announced on Thursday. Simons, who served as an FTC official under President George W. Bush, is currently a partner and co-chair of the antitrust group at law firm Paul Weiss.
comments powered by Disqus
Follow RTT