Wolverine World Wide Q3 Profit Matches Estimates; Cuts Full-year Guidance

(RTTNews) - Wolverine World Wide, Inc. (WWW) reported that the company delivered earnings in line with its expectations for the third-quarter, while continuing to fuel long-term strategic investments. Looking forward, Wolverine said certain trends and conditions experienced during the quarter are now expected to continue and to put pressure on the company's top line performance during the fourth quarter of fiscal 2015. As a result, tWolverine updated its full-year guidance.

For 2015, the company now expects adjusted earnings per share to be in the range of $1.44 to $1.47. Constant currency adjusted earnings per share is expected in the range of $1.57 to $1.60. The company previously expected adjusted earnings per share in the range of $1.53 to $1.60, and constant currency adjusted earnings per share in the range of $1.68 to $1.75.

Reported earnings per share in fiscal 2015 is expected in the range of $1.28 to $1.31. Reported earnings per share was previously expected in the range of $1.39 to $1.46.

For 2015, the company expects reported revenue in the range of $2.69 billion to $2.71 billion. Earlier, the company projected revenue to be in the range of $2.82 billion to $2.85 billion.

For the third-quarter, net income to Wolverine World Wide was $45.8 million or $0.44 per share, compared to $57.8 million or $0.57 per share, prior year. Adjusted per share was $0.48, for the quarter. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.48 for the quarter. Analysts' estimates typically exclude special items.

Revenue was $678.9 million compared to $711.1 million last year. Analysts expected revenue of $681.26 million for the quarter. Adjusted revenue grew 0.7% after adjusting for the impact of foreign exchange, retail store closures and termination of the Patagonia license agreement. Gross margin was 40.0%, flat with the prior year's gross margin despite challenging foreign exchange headwinds.