Wolverine: 2Q Earnings Snapshot
ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Wednesday reported second-quarter net income of $55.3 million.
The Rockford, Michigan-based company said it had net income of 57 cents per share. Earnings, adjusted for non-recurring gains, were 54 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The footwear maker posted revenue of $566.9 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $570.2 million.
Wolverine expects full-year earnings in the range of $2.08 to $2.15 per share, with revenue in the range of $2.24 billion to $2.32 billion.
Wolverine shares have increased 13 percent since the beginning of the year. The stock has increased 29 percent in the last 12 months.