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Wolverine World Wide Guides FY24 Below Estimates As Q4 Adj. EPS Misses Estimates
(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, Wolverine World Wide, Inc. (WWW) initiated its earnings, adjusted earnings and revenue guidance for the full year 2024 for the ongoing business, excluding the impact of Sperry, which was sold in January 2024.
For fiscal 2024, the company now projects earnings in the range of $0.43 to $0.63 per share and adjusted earnings in a range of $0.65 to $0.85 per share on revenues from ongoing business between $1.70 billion and $1.75 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.85 per share on revenues of $1.95 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, net loss attributable to the company sharply narrowed to $91.2 million or $1.15 per share from $361.6 million or $4.59 per share in the prior-year quarter. Excluding items, adjusted loss for the quarter were $0.30 per share, compared to adjusted loss of $0.13 per share in the year-ago quarter.
Revenues for the quarter declined 20.8 percent to $526.7 million from $665.0 million in the same quarter last year. It also decreased 21.3 percent on a constant currency basis.
The Street was looking for a loss of $0.27 per share on revenues of $513.37 million for the quarter.
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