Wolverine: 4Q Earnings Snapshot
ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Tuesday reported a fourth-quarter loss of $900,000, after reporting a profit in the same period a year earlier.
The Rockford, Michigan-based company said it had a loss of 1 cent per share. Earnings, adjusted for non-recurring costs, came to 59 cents per share.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 59 cents per share.
The footwear maker posted revenue of $607.4 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $613.9 million.
For the year, the company reported profit of $128.5 million, or $1.44 per share. Revenue was reported as $2.27 billion.
Wolverine expects full-year earnings in the range of $2.45 to $2.60 per share, with revenue in the range of $2.29 billion to $2.34 billion.
Wolverine shares have declined 12% since the beginning of the year. The stock has fallen 17% in the last 12 months.