UPDATE: Wolverine Posts 66% Rise In Q3 Profit, Lifts Profit Outlook

Wolverine World Wide WWW reported a 66% rise in its third-quarter earnings and raised its adjusted earnings outlook for the year. Wolverine now projects adjusted earnings of $2.73 to $2.83, versus its earlier forecast of $2.60 to $2.75 per share. The company narrowed its revenue view to $2.71 billion to $2.73 billion, versus $2.7 billion to $2.775 billion. Wolverine's quarterly profit rose to $54.4 million, or $1.08 per share, from $32.7 million, or $0.66 per share, in the year-ago period. Excluding one-time items, it earned $1.16 per share, from $0.72 per share. Its revenue climbed to $716.7 million from $353.1 million. However, analysts were expecting earnings of $1.03 per share on revenue of $713 million. Wolverine's gross margin rose to 39.9% from 39.2%. Wolverine shares fell 0.55% to $57.53 in pre-market trading.