UPDATE: Wolverine Posts Better-Than-Expected Q3 Earnings, Revenue Misses View

Wolverine World Wide

reported upbeat earnings for the third quarter. The Rockford, Michigan-based company posted a quarterly profit of $57.8 million, or $0.57 per share, versus a year-ago profit of $54.4 million, or $0.54 per share. Its adjusted earnings came in at $0.63 per share. Its revenue dropped 0.8% to $711.1 million. However, analysts were estimating a profit of $0.59 per share on revenue of $720.94 million. Wolverine's gross margin widened to 40.0% from 39.9%, while adjusted operating margin rose 70 basis points to 13.8%. Wolverine ended the quarter with cash and cash equivalents of $231.5 million and net debt of $865.1 million. "Highlighting the strength of our diverse global business model, strong revenue results across multiple geographies, particularly Asia Pacific and EMEA, offset what continues to be a somewhat tepid retail environment in the U.S.," said Blake W. Krueger, Wolverine Worldwide's Chairman and Chief Executive Officer. For the full year, Wolverine projects earnings of $1.57 to $1.63 per share on revenue of $2.75 billion. Wolverine shares declined 0.80% to close at $24.65 yesterday.