Wolverine World Wide Slashes FY23 Outlook; Q2 Adj. EPS Meet Estimates; Stock Down 26% - Update

(RTTNews) - While reporting financial results for the second quarter on Thursday, Wolverine World Wide, Inc. (WWW) slashed its earnings, adjusted earnings and revenue guidance for the full year 2023.

For fiscal 2023, the company now projects earnings in the range of $0.43 to $0.53 per share and adjusted earnings in a range of $0.45 to $0.55 per share on revenues from our ongoing business between $2.26 billion and $2.28 billion.

Previously, the company expected earnings in the range of $1.50 to $1.70 per share and adjusted earnings in a range of $1.40 to $1.60 per share on revenues from our ongoing business between $2.53 billion and $2.58 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.42 per share on revenues of $2.51 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, net earnings attributable to the company was plunged to $24.0 million or $0.30 per share from $124.6 million or $1.53 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.19 per share, compared to $0.65 per share in the year-ago quarter.

Revenues for the quarter declined 17.4 percent to $589.1 million from $713.6 million in the same quarter last year. It also decreased 17.3 percent on a constant currency basis.

The Street was looking for earnings of $0.19 per share on revenues of $579.97 million for the quarter.

Separately, the Company also announced that Chris Hufnagel was promoted to President and Chief Executive Officer. Hufnagel succeeds Brendan Hoffman, who is no longer with the Company.

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