Wolverine Worldwide earns $54.4M in 3Q13
Wolverine Worldwide’s fiscal third-quarter net income climbed 66 percent, as footwear sales improved across many of its brands.
The shoe and clothing company's performance beat analysts' estimates. It also raised its full-year adjusted earnings forecast again on Tuesday, citing its year-to-date performance.
Shares of Rockford-based Wolverine Worldwide climbed more than 3 percent in pre-market trading.
For the period ended Sept. 7, Wolverine earned $54.4 million, or $1.08 per share, up from $32.7 million, or 66 cents per share, a year earlier.
Wolverine completed its $1.25 billion buyout of the performance and lifestyle group from Collection Brands Inc. in October 2012. The performance and lifestyle group includes the Sperry Top-Sider, Saucony, Stride Ride and Keds brands.
Removing acquisition-related expenses, earnings were $1.16 per share.
Analysts, on average, expected earnings of $1.03 per share, according to a FactSet survey.
Re venue more than doubled to $716.7 million from $353.1 million, driven by strong growth from the Sperry Top-Sider and Merrell brands. Wall Street predicted $711.7 million in revenue.
Wolverine Chairman and CEO Blake Krueger said in a statement that aside from Sperry and Merrell, other brands that had double-digit revenue increases included Saucony, Keds, Chaco and Cushe.
Wolverine reported double-digit revenue growth in Latin America, Europe, the Middle East and Africa and the Asia Pacific region. North America posted single-digit growth.
Wolverine now foresees full-year adjusted earnings of $2.73 to $2.83 per share. Its prior outlook was for $2.60 to $2.75 per share. In July Wolverine lifted its guidance from $2.50 to $2.65 per share.
The company narrowed its revenue outlook to a range of $2.71 billion to $2.73 billion. Previously it predicted $2.7 billion to $2.78 billion in revenue.
Analysts expect full-year earnings of $2.80 per share on revenue of $2.73 billion.
Its shares rose $1.95, or 3.4 percent, to $59.80 in premarket trading with about 2½ hours ahead of the market opening.