VF Corp. Q1 Profit Rises; Lifts Full-Year Outlook - Quick Facts

(RTTNews) - VF Corp. (VFC) reported that its first-quarter net income increased to $297.19 million or $0.67 per share, from $270.42 million or $0.60 per share, previous year.

On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.63 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $2.75 billion, compared to $2.58 billion, a year ago. Analysts expected revenue of $2.76 billion for the quarter. The company said its revenues rose 6.5 percent, driven by double-digit growth in Outdoor & Action Sports, international and direct-to-consumer businesses.

The company now expects its 2014 revenues to increase at the high end of the previously provided 7 to 8 percent range. Second quarter revenues are expected to increase at a similar level to that of the first quarter, and again be driven primarily by strength from Outdoor & Action Sports coalition, the company said.

Based on slightly stronger than expected first quarter results, the company now expects its 2014 earnings per share to increase to approximately $3.06 per share, representing 13 percent growth over 2013, as compared with the $3.00 to $3.05 per share outlook provided on February 14. Analysts expect the company to report 2014 profit per share of $3.06.