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: Quote) 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

Editors Pick
Apple will unveil its Apple Watch with a battery that may last only 2.5 to 4 hours on very active use, according to a report in 9to5mac. "People with knowledge of the Apple Watch's development have provided us with the specific performance targets Apple wants to achieve for the Apple Watch battery,... HARMAN International Industries, Inc. (HAR) announced it has signed an agreement with Symphony Technology Group to acquire Symphony Teleca, a privately-held global software services company. Check out this story for a look at some of We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015.
comments powered by Disqus
RELATED NEWS
Trade WWW now with 
Follow RTT