Wolverine World Wide Inc. handily topped estimates for the fourth quarter ended Jan. 1, 2011.
For the period, the Rockford, Mich.-based firm earned 52 cents a share, an increase of 16 percent compared to 45 cents in the same quarter a year ago.
Revenue increased 23 percent to $385 million, while net profit surged 53 percent to $25.6 million, thanks to $1 million in other income and a reversal on $8 million worth of restructuring costs made last year.
Analysts were looking for EPS of 46 cents on revenue of $355.9 million, as polled by Yahoo Finance.
Blake Krueger, Wolverine’s chairman and CEO, said in a statement that “all four branded operating groups contributed to the year’s record results, and all geographic regions delivered double-digit revenue growth.”
He added: “This momentum [is] coupled with a strong double-digit order backlog and enthusiastic responses to our 2011 product offerings.”
Don Grimes, the company’s SVP and CFO, said that the results are “a clear indication of the strength of our portfolio and the discipline with which we manage the business.”
Wolverine’s full-year revenue for 2010 was $1.25 billion, a 13 percent increase over 2009. Fully adjusted EPS for the year were $2.17, a 23 percent increase over 2009.
The company now expects fiscal 2011 revenue to be in the range of $1.35 billion to $1.39 billion, representing growth of 8 to 11 percent over 2010, as higher product costs are expected to be offset by strategic price increases and new products, such as the Merrell barefoot collection, which launches this month.
Wolverine ended the year with $150.4 million of cash and cash equivalents and no significant debt.