Wolverine: Q2 Earnings Snapshot
ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Thursday reported second-quarter net income of $44.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Rockford, Michigan-based company said it had net income of 53 cents. Earnings, adjusted for non-recurring costs, came to 67 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The footwear maker posted revenue of $631.9 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $566.9 million.
Wolverine expects full-year earnings in the range of $2.20 to $2.30 per share, with revenue in the range of $2.34 billion to $2.4 billion.
Wolverine shares have increased 9% since the beginning of the year. The stock has risen 45% in the last 12 months.