Manufacturing

Wolverine Worldwide earns $17.9M in 2Q

July 9, 2013
| By AP |
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Wolverine Worldwide's fiscal second-quarter net income fell 13 percent on costs related to a recent acquisition.

But the footwear and clothing retailer's adjusted results easily beat Wall Street's view.

The Rockford-based company also boosted its full-year adjusted earnings forecast on Tuesday, citing its year-to-date performance.

For the period ended June 15, Wolverine earned $17.9 million, or 36 cents per share, down from $20.5 million, or 42 cents per share, a year earlier.

Removing acquisition-related costs, earnings were 46 cents per share. Analysts surveyed by FactSet expected earnings of 34 cents per share. The estimates typically exclude one-time items.

Wolverine completed its $1.25 billion buyout of the performance and lifestyle group from Collection Brands Inc. in October. The performance and lifestyle group includes the Sperry Top-Sider, Saucony, Stride Ride and Keds brands.

Revenue surged 88 percent to $587.8 million from $312.7 million, as its results continued to be helped by the acquisition.

Wall Street predicted $590.8 million in revenue.

Wolverine Worldwide lifted its full-year adjusted earnings guidance to a range of $2.60 to $2.75 per share. Its prior outlook was for $2.50 to $2.65 per share. The company maintained its forecast for revenue between $2.7 billion and $2.78 billion.

Analysts expect full-year earnings of $2.68 per share on revenue of $2.73 billion.

Wolverine shares finished at $55.27 on Monday. They have traded in a 52-week range of $38.39 to $55.95.

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