Wolverine Worldwide Inc. (WWW), a manufacturer of work-related footwear and apparel, Tuesday reported a loss for the fourth quarter, weighed down by some non-recurring costs.
Net loss attributable to the company was $3.72 million or $0.08 per share compared to profit of $23.01 million or $0.47 per share last year.
The latest results included non-recurring transaction and integration costs of $24.61 million.
Excluding non-recurring transaction and integration expenses, earnings per share were $0.48. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter increased to $652.25 million from last year's $406.47 million. Analysts expected revenues of $652.09 million.
While the company expects strong performance in the U.S., Latin America and Asia Pacific markets in fiscal 2013, it also expects continued challenging trading conditions in Europe.
Accordingly, the company sees earnings per share, adjusted to exclude non-recurring transaction and integration expenses, in the range of $2.50 to $2.65, representing growth of 9.2 percent to 15.7 percent from the previous year.
Full-year consolidated revenue is expected in the range of $2.7 to $2.8 billion, up 64.5 percent to 70.6 percent from reported fiscal 2012 revenue of $1.641 billion.
Wall Street looks for fiscal 2013 earnings of $2.86 per share on revenues of $2.72 billion.
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