Wolverine: 2Q Earnings Snapshot
ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Wednesday reported second-quarter net income of $40.2 million.
On a per-share basis, the Rockford, Michigan-based company said it had net income of 45 cents. Earnings, adjusted for non-recurring costs, came to 52 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The footwear maker posted revenue of $568.6 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $575.6 million.
Wolverine expects full-year earnings to be $2.28 per share, with revenue expected to be $2.28 billion.
Wolverine shares have fallen 15% since the beginning of the year. The stock has dropped 25% in the last 12 months.