AP NEWS

Wolverine: 3Q Earnings Snapshot

November 7, 2018

ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Wednesday reported third-quarter net income of $58.8 million.

The Rockford, Michigan-based company said it had net income of 60 cents per share. Earnings, adjusted for non-recurring costs, were 62 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The footwear maker posted revenue of $558.6 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $581.5 million.

For the current quarter ending in December, Wolverine said it expects revenue in the range of $575 million to $586 million.

The company expects full-year earnings in the range of $2.12 to $2.16 per share, with revenue expected to be $2.24 billion.

Wolverine shares have risen 13 percent since the beginning of the year. The stock has risen 37 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WWW at https://www.zacks.com/ap/WWW

AP RADIO
Update hourly