UPDATE: Wolverine World Wide Posts Upbeat Q2 Profit, Lifts Full-Year Outlook

Wolverine World Wide

reported an 11% drop in its second-quarter profit. Wolverine World Wide's quarterly profit dropped to $18.1 million, or $0.36 per share, versus $20.3 million, or $0.42 per share, in the year-ago period. Its adjusted earnings came in at$0.46 per share. Its revenue rose 88% to $587.8 million from $312.7 million. However, analysts were estimating earnings of $0.34 per share on revenue of $590.8 million. Wolverine World Wide raised its full-year adjusted earnings forecast to $2.60 to $2.75 per share. However, analysts were projecting earnings of $2.31 per share. Wolverine World Wide shares gained 8.34% to $59.88 in pre-market trading.