Wolverine Swings To Profit In Q2 On A Surge In Revenue

(RTTNews) - Footwear maker Wolverine World Wide, Inc. (WWW) Thursday reported net earnings of $44.4 million or $0.53 per share in the second quarter compared with net loss of $1.9 million or $0.02 per share in the same quarter a year ago

Excluding items, earnings were $0.67 per share, that beat the average estimate of analysts surveyed by Thomson Reuters at $0.48 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter jumped 81% to $631.9 million from $349.1 million last year, driven by record quarterly revenue for Merrell and Saucony. The consensus estimate was for $567.26 million.

"With record revenue in the second quarter and demand for our brands continuing to accelerate, we now expect to deliver meaningful growth this year over both 2020 and 2019," said Blake W. Krueger, Wolverine Worldwide's Chairman and Chief Executive Officer.

For the full year, the company expects revenue in the range of $2.340 billion to $2.400 billion and adjusted earnings per share to be in the range of $2.20 to $2.30. Analysts expect the company to report earnings of $2.12 per share on revenue of $2.29 billion for the period.