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
Apple and Hertz Global Holdings Inc. will work hand in hand to develop self driving vehicles. Bloomberg reported that Apple will hand over six Lexus SUVs to Hertz subsidiary Donlen fleet management unit for software testing. The leasing agreement between Apple and Hertz for a small fleet of vehicles was revealed by the California Department of Motor vehicles. The document listed Donlen as the le Apple Inc. has acquired German computer vision company SensoMotoric Instruments, a maker of eye-tracking glasses and systems, according to media reports. Financial terms of the deal are not known. The acquisition is expected to help Apple develop software that will be built into future versions of the iPhone or other new hardware. Western Digital Corp. and U.S. private equity firm KKR & Co. LP have resubmitted an offer for Toshiba Corp.'s flash memory chip unit, according to media reports on Tuesday. The new offer is said to be around 2 trillion yen. Western Digital's re-submission of a bid comes amid speculation that Toshiba might sign an agreement by Wednesday to sell the business to a Japanese-led consortium.
comments powered by Disqus
Follow RTT