Wolverine: 4Q Earnings Snapshot
ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Thursday reported a loss of $171.2 million in its fourth quarter.
On a per-share basis, the Rockford, Michigan-based company said it had a loss of $2.10. Earnings, adjusted for non-recurring costs, were 21 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The footwear maker posted revenue of $509.6 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $479 million.
For the year, the company reported a loss of $136.9 million, or $1.70 per share, swinging to a loss in the period. Revenue was reported as $1.79 billion.
Wolverine expects full-year earnings in the range of $1.90 to $2.05 per share, with revenue in the range of $2.19 billion to $2.25 billion.
Wolverine shares have increased 17% since the beginning of the year. The stock has increased 23% in the last 12 months.