UPDATE: Wolverine World Wide Posts In-Line Q4 Earnings

reported in-line earnings for the fourth quarter. The Rockford, Michigan-based company posted quarterly net income of $10.7 million, or $0.10 per share, versus a year-ago loss of $1.7 million, or $0.02 per share. Excluding non-recurring items, the company's earnings climbed 36.4% to $0.30 per share. Its revenue climbed 9.2% to $808.9 million from $740.8 million. On a constant currency basis, Wolverine's revenue surged 10.1%. However, analysts were expecting earnings of $0.30 per share on revenue of $808.1 million. Adjusted operating expenses rose 0.6% to $247.1 million. "The significant incremental investments we are planning for 2015 - which we expect to benefit primarily fiscal 2016 and beyond - represent the next step in achieving the Company's vision of building the most admired family of performance and lifestyle brands on earth," commented Blake W. Krueger, Wolverine Worldwide's Chairman, Chief Executive Officer and President. "We believe 2015 is the right time to make these investments and expect this, along with our ongoing global expansion strategies, to position our Company for accelerated growth and drive significant future shareholder value." For the full year, Wolverine projects earnings of $1.53 to $1.60 per share, on revenue of $2.82 billion to $2.87 billion. The company expects constant currency adjusted earnings of $1.71 to $1.78 per share. Analysts were estimating FY15 earnings of $1.64 per share on revenue of $2.88 billion. Wolverine shares rose 1.69% to close at $28.90 on Friday.