Wolverine Worldwide Q3 Earnings Top Estimates; Confirms Annual Profit Outlook

(RTTNews) - Shoemaker Wolverine Worldwide Inc. (WWW) Tuesday reported third-quarter earnings which increased, as slight improvement in margins more than offset a decline in revenues. While earnings topped analysts' estimates, revenues fell short. The company confirmed its annual profit outlook.

For the 3-month period, net earnings totaled $56.7 million or $0.57 per share, compared with $53.4 million or $0.54 per share a year earlier.

Excluding certain items, per-share earnings were $0.63, up from $0.58 last year, above the $0.59 consensus earnings estimate of fifteen analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Revenues declined to $711.1 million, from $716.6 million a year earlier, below the $720.37 million Wall Street expected.

For the full year, the company still expects earnings of $1.32 to $1.38 per share and adjusted earnings of $1.57 to $1.63 per share.

The company lowered its annual revenue outlook slightly to $2.745 billion from the $2.775 billion previously projected.

Analysts expect the company to report annual earnings of $1.59 on revenues of $2.77 billion.