Wolverine Raises Forecast After Profit and Revenue Growth

The footwear and apparel company, which owns Merrell and Saucony, now expects annual earnings of $1.88 to $1.92 a share, or $1.95 to $1.99 on an adjusted basis. Its previous ranges were $1.48 to $1.58 a share and $1.55 to $1.65 adjusted. Revenue is forecast at $2 billion to $2.01 billion, compared with the prior outlook of $1.98 billion to $2 billion.

FactSet-polled analysts had expected earnings of $1.63 a share, adjusted earnings of $1.65 and revenue of $2 billion. In the third quarter, Wolverine earned $65.8 million, or 78 cents a share, up from $25.1 million, or 30 cents, in the same period a year earlier. Excluding one-time items, earnings were 79 cents a share; analysts had forecast 46 cents.

Revenue reached $505.4 million, topping the $500.1 million analysts expected. Chief Executive Chris Hufnagel said the quarter marked the company’s eighth consecutive quarter of growth. He said continued earnings improvement and a healthier balance sheet gave Wolverine greater capacity to invest in its brands and opportunities ahead.