Wolverine World Wide Q2 Profit Tops Estimates; Updates Full-year Outlook

(RTTNews) - Wolverine World Wide, Inc. (WWW), a footwear and apparel manufacturer, Wednesday reported net earnings of $14.2 million or $0.17 per share for the second quarter, lower than $24 million or $0.30 per share in the same quarter a year ago, primarily impacted by lower revenue. However, earnings as well revenue surpassed the consensus estimates. The company also raised the lower end of its annual profit and revenue guidance.

Excluding one-time items, earnings of $0.15 per share beat the analysts' average estimate of $0.12 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter declined to $425.2 million from $589.1 million in the previous year. The consensus estimate was for $411.18 million.

For fiscal 2024, Wolverine World Wide now expects revenue from its ongoing business to be about $1.71 billion - $1.73 billion compared with $1.68 billion - $1.73 billion guided earlier.

The company now sees EPS in the range of $0.53 - $0.63 and adjusted EPS in the range of $0.75 - $0.85. This compares with the previous outlook for EPS of $0.43 - $0.63 and adjusted EPS of $0.65 - $0.85.

On average, 6 analysts expect the company to report earnings of $0.81 per share on revenue of $1.73 billion for the year.