Wolverine World Wide Q4 Adj. Earnings Beat View, But Revenues Miss

(RTTNews) - Wolverine World Wide, Inc. (WWW) on Tuesday reported that its net loss for the fourth quarter was $0.9 million or $0.01 per share, compared to net earnings of $39.3 million or $0.39 per share in the prior-year period.

The latest quarter's results include the impact of the previously disclosed litigation settlements related to legacy environmental matters.

Excluding items, adjusted earnings for the quarter were $0.59 per share, compared to $0.52 per share in the prior-year period.

Revenue for the quarter grew 4.8 percent to $607.4 million from $579.6 million in the same period last year. Adjusting for currency, revenue increased 5.1 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.58 per share for the quarter on revenues of $614.23 million. Analysts' estimates typically exclude special items.

Looking ahead, Wolverine World Wide provided its initial revenue and earnings outlook for the full-year, which includes the current estimated impact related to the coronavirus for the first half of 2020.

For fiscal 2020, the company forecast earnings of approximately $2.05 to $2.20 per share, adjusted earnings of about $2.25 to $2.40 per share, and revenue of about $2.29 billion to $2.34 billion, representing growth of about 3.0 percent at the high-end of the range. Constant currency revenue growth is expected to be approximately 3.5 percent at the high-end of the range.

The Street expects the company to report earnings of $2.51 per share for the year on revenues of $2.37 billion.