Wolverine World Wide Inc. more than doubled its first-quarter profit Tuesday, handily beating Wall Street’s projections.
Earnings rose to $27.5 million, or 54 cents a share, from $10.5 million, or 21 cents, last year. Excluding a charge related to restructuring, the company said it would have earned 56 cents, which would compare with 41 cents last year. On this basis, analysts were expecting 49 cents in the latest quarter.
Revenues rose to $284.9 million from $255.3 million a year ago. Wolverine Footwear Group revenues totaled $56.7 million from $53.4 million a year ago. International revenue, meanwhile, made up about 42 percent of the firm’s revenues.
“Our strong performance in the quarter was broad-based, with all of our branded wholesale footwear groups delivering excellent results, and continued outstanding performance from our consumer-direct business. While the Outdoor Group, led by the Merrell brand, remains the company’s leading profit contributor, our Heritage Brands Group, Wolverine Footwear Group and Hush Puppies Group all contributed to our robust performance, posting strong double-digit earnings increases during the quarter,” Blake Krueger, chairman and CEO of Wolverine, said in a statement.
The firm upped its revenue and earnings-per-share estimates for the full year, now expecting sales of $1.16 billion to $1.19 billion. Adjusted earnings are seen at $1.92 to $2. Wall Street is predicting revenues of $1.17 billion and EPS of $1.98.