Wolverine World Wide Q1 Profit Surges

(RTTNews) - Wolverine World Wide, Inc. (WWW) Wednesday reported a surge in first-quarter net earnings to $38.5 million from $13.0 million last year. On a per-share basis, earnings climbed to $0.45 from $0.16 a year ago.

On average, 9 analysts estimate earnings per share in a range of $0.4 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $510.7 million from $439.3 million a year ago. Analysts were looking for $511.78 million.

The company raised full year outlook and now expects earnings in a range of $1.70-$1.85 per share. Adjusted earnings per share is expected to be in a range of $1.95-$2.10 per share. Analysts project $2.08 per share on revenue of $2.24 billion. Revenue for fiscal 2021 is projected to grow 25-28 percent in a range of $2,240 million to $2,300 million a year ago.