Wolverine Q4 Loss Narrows, Adj. Earnings Beat Estimates - Update

(RTTNews) - Wolverine World Wide Inc. (WWW), a manufacturer of work-related footwear and apparel, Tuesday reported a narrower loss for the fourth quarter, as revenues climbed about 14 percent from last year. Adjusted earnings beat analysts' expectations, while revenues missed view. The company forecast full-year 2014 earnings below estimates.

Blake Krueger, chairman and chief executive officer said, "Even as a sluggish retail environment and very cold weather in the U.S. tempered growth for our Sperry Top-Sider and Stride Rite brands during the fourth quarter, many of our other brands, including Merrell, delivered excellent results."

For the fourth quarter, net loss attributable to the company narrowed to $1.7 million or $0.02 per share from $3.7 million or $0.04 per share a year ago.

The company said its recent-quarter earnings were hurt by incremental pension and incentive compensation expense and a higher tax rate and share count.

On an adjusted basis, earnings per share for the latest quarter amounted to $0.22, while the company posted $0.24 per share last year. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.20 for the quarter. Analysts' estimates typically exclude one-time items.

Consolidated revenues for the quarter climbed 13.6 percent to $740.8 million from $652.2 million a year ago. The increase was 0.6 percent from the prior year's pro forma revenue of $736.4 million. Analysts estimated revenues of $743.93 million for the quarter.

Lifestyle Group revenues grew 25.9 percent, Performance Group revenues were up 13.8 percent from last year, and revenues from Heritage Group improved 2.2 percent from a year earlier.

For full-year 2014, the company expects adjusted earnings per share to be in the range of $1.57 to $1.63, representing growth of 10 to 14 percent from 2013 adjusted earnings per share of $1.43. Reported earnings per share are expected in the range of $1.52 to $1.58.

The firm anticipates consolidated revenue in the range of $2.775 to $2.85 billion, up 3 to 6 percent from last year's $2.69 billion. Analysts project earnings per share of $1.67, on $2.84 billion in revenue for 2014.

WWW closed Friday's regular trading at $28.02 on the NYSE.