- Posted July 13, 2011
- Tweet This | Share on Facebook
Wolverine 2nd quarter profit rises on strength of Merrell
ROCKFORD, Mich. (AP) -- Wolverine Worldwide Inc.'s second-quarter profit climbed almost 40 percent, buoyed by strong results from its outdoor group and its Merrell shoe and apparel brand.
The results beat Wall Street estimates but its shares fell as the company stuck by its earlier earnings forecast. Analysts were already expecting earnings for the year at the high end of the company's range.
The footwear and clothing company said Tuesday that its net income rose to $24 million, or 48 cents per share, for the period ended June 18. That's up from $17.2 million, or 35 cents per share, a year earlier.
The results surpassed the 46 cents per share that analysts polled by FactSet expected.
Revenue rose 20 percent to $310.1 million from $258.2 million, topping Wall Street's estimate of $293.5 million.
Chairman and CEO Blake Krueger said in a statement that the company experienced double-digit revenue gains in all branded groups, particularly pointing out the strength of its outdoor group and Merrell brand. Revenue for the outdoor group increased 30 percent to $127.3 million.
Wolverine, based in Rockford, Mich., maintained its full-year forecast for earnings between $2.40 and $2.50 per share on revenue of $1.38 billion to $1.42 billion.
Analysts predict earnings of $2.49 per share on revenue of $1.4 billion. Its shares fell 89 cents, or 1.9 percent, to $41.80 in premarket treading.
Published: Wed, Jul 13, 2011
headlines Oakland County
- Annual Dinner & Meeting
- FORCE Team arrests six in prolific auto theft ring
- Michigan allocates $12 million to support community-based organizations in advancing environmental and climate justice
- Oakland County and SMART launch pilot program providing free transit for veterans and dependents
- Supreme Court sides with the Consumer Financial Protection Bureau
headlines National
- More lawyers—and clients—want to learn about sustainable development practices
- Top artificial intelligence insurance tips for lawyers
- Lawyer charged with illegally transmitting Michigan data after 2020 election
- Viral video shows former Rikers Island inmate as she learns she passed bar exam on first try
- How Sullivan & Cromwell is scrutinizing potential new hires after campus protests
- No separate hearing required when police seize cars loaned to drivers accused of drug crimes, SCOTUS rules