VF Corp. (VFC) posted higher first-quarter GAAP net income attributable to the company of $270.42 million, or $2.41 a share, compared with the prior-year quarter's $215.22 million, or $1.91 a share. Adjusted earnings totaled $272.65 million, or $2.43 per share, excluding Timberland acquisition-related items of $0.02 per share in the first quarter. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $2.18 for the quarter. Analysts' estimates typically exclude one-time items.
As expected, quarterly total revenues went up 2 percent, to $2.61 billion, from $2.56 billion in the same period of 2012, driven by strength in the Outdoor & Action Sports, international and direct-to-consumer businesses. Analysts estimated revenues of $2.64 billion for the quarter. The sale of John Varvatos in April 2012 negatively impacted VF's revenue growth comparison by 1 percentage point in the first quarter, according to the company.
For the full year, adjusted earnings per share are now expected to rise to $10.75 per share, up $0.05 from the $10.70 per share guidance provided on February 15. On a GAAP basis, which includes an estimated $0.10 per share in Timberland acquisition-related expenses, 2013 earnings per share are now expected to rise to $10.65 per share, up $0.05 from the prior guidance of $10.60 per share.
Revenue guidance for 2013 remains unchanged, with revenues expected to rise by 6 percent to $11.5 billion.
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