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VF Corp Q1 Adjusted Profit Beats Estimates

VF Corp. (VFC) Wednesday reported 69 percent fall in first quarter net profit to $49.22 million from $160.36 million in the previous year. On a per share basis, earnings plunged 70 percent to $0.12 from $0.41 in the prior year. On an adjusted basis, earnings were $0.30 per share. The company recorded loss from discontinued operations of $48.03 million, compared to profit of $98.99 million in the prior year period.

On average, 20 analysts polled by Thomson Reuters expected the company to earn $0.29 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increase 6 percent to $2.271 billion, from $2.137 billion in the prior year.

Analysts were looking for revenue of $2.24 billion.

Looking ahead to the full year 2020, the company expects adjusted earnings per share in the range of $3.32 to $3.37 and up 18 percent to 20 percent on a constant dollar basis, excluding acquisitions and divestitures.

Revenue is expected to be approximately $11.8 billion, up 6 percent from the prior year. Excluding the impact of acquisitions and divestitures and on a constant dollar basis, increase is projected at 8 percent.

The company declared a quarterly dividend of $0.43 per share, payable on September 20 to shareholders on record September 10, 2019.

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