Columbia Sportswear Updates FY17 Outlook; Approves 6% Increase In Dividend

(RTTNews) - Columbia Sportswear Company (COLM) announced, for 2017, the company now expects net income attributable to company to be between approximately $183 million and $190 million, or approximately $2.60 to $2.70 per share, including program expenses and discrete costs of approximately $9.5 million net of tax, or $0.14 per share, related to Project CONNECT. Previously, the company projected net income to between approximately $193 million and $200 million, or $2.74 to $2.84 per share, excluding financial impact of the operating model assessment and subsequent actions.

The company currently expects 2017 net sales growth of approximately 3 percent compared with 2016 net sales of $2.38 billion, including less than 1 percentage point positive effect from changes in foreign currency exchange rates.

The board of directors authorized a 6 percent increase in the company's regular quarterly cash dividend to $0.19 per share, payable on November 30, 2017 to shareholders of record on November 16, 2017.