Wolverine World Wide Q1 Adj. Result Beats View, Reaffirms FY16 Guidance

(RTTNews) - Wolverine World Wide Inc. (WWW) Tuesday announced a sharp fall in first quarter net earnings attributable to the company to $17.4 million from $40.1 million in the prior year. On a per share basis, earnings more than halved to $0.18 from $0.39 last year. Adjusted earnings per share was $0.29.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.22 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined to $577.6 million from $631.4 million in the previous year. Wall Street expected $567.47 million.

Looking ahead to the fiscal 2016, the company reaffirmed it adjusted earnings per share and revenue guidance. The company continues to expect earnings per share in a range of $1.16 to $1.26 and adjusted earnings per share in a range of $1.30 to $1.40 per share. On a constant currency basis, earnings outlook is in a range of $1.48 to $1.58 per share.

Street Analysts expect $1.34 per share on revenue of $2.53 billion.

Blake Krueger, CEO said, "our recent strategic actions are progressing well and gaining strong momentum. I am pleased with our start to 2016, but we remain appropriately cautious given the slow pace of the global recovery and are reaffirming our outlook for the year."