Wolverine World Wide Q2 Profit Down; Lifts FY Profit View - Quick Facts

(RTTNews) - Wolverine World Wide Inc. (WWW) reported that its second-quarter net earnings attributable to the company declined to $17.9 million or $0.36 per share, from $20.5 million or $0.42 per share in the same quarter last year.

Excluding acquisition-related transaction and integration expenses, earnings per share in the quarter were $0.46, a 12.2% increase compared to the prior year's second quarter earnings adjusted for both acquisition-related transaction and integration costs and a non-recurring tax benefit. The earnings results were driven primarily by better-than-expected earnings from the recently-acquired brands. Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue was $587.8 million, up 88.0% versus prior year reported revenue of $312.7 million. Eleven analysts had consensus revenue estimate of $591.03 million for the quarter. The quarter's revenue was up 5.5% versus prior year pro forma revenue. Sperry Top-Sider, Keds, Saucony, and Harley-Davidson Footwear led the revenue growth in the quarter.

On the strength of the year-to-date earnings performance, the company raised its full-year adjusted earnings per share guidance to a range of $2.60 - $2.75 per share, from the prior estimate of $2.50 to $2.65 per share.

On a reported basis, full-year earnings per share for the current fiscal year are now expected in the range of $2.06 to $2.21 per share, compared to earlier outlook of $2.05 to $2.20 per share.

The company reaffirmed its full-year revenue guidance in the range of $2.7 billion to $2.775 billion, representing growth in the range of 6.0% to 8.9% compared to prior year pro forma revenue of $2.548 billion.

Analysts expect the company to report earnings of $2.69 per share and revenues of $2.74 billion for the full-year.