Wolverine World Wide Q1 Profit Rises; Lifts 2018 Profit View

(RTTNews) - Wolverine World Wide Inc. (WWW) reported that its net earnings attributable to the company for the first-quarter increased to $46.7 million from $16.7 million last year. Earnings per share was $0.48, compared to $0.17 in the prior year.

Adjusted earnings per share were $0.50 compared to $0.37 in the prior year, an increase of 35%. Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share. Analysts' estimates typically exclude special items.

Reported revenue were $534.1 million down 9.7% from last year. But underlying revenue increased 1.8% and further adjusting for currency, increased 0.3%. Wall Street expected revenues of $ 530.99 million for the quarter.

For 2018, the company now reported earnings per share in the range of $1.92 to $2.02 and adjusted earnings per share of $2.00 to $2.10. Previously, the company expected reported earnings per share of $1.87 to $1.97 and adjusted earnings per share of $1.95 to $2.05 for 2018.

The company still expects revenue to be in the range of $2.24 billion to $2.32 billion for fiscal year 2018.

Wall Street currently is looking for fiscal year 2018 earnings of $2.00 per share on annual revenues of $2.28 billion.