ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Wednesday reported first-quarter net income of $38.5 million.
The Rockford, Michigan-based company said it had net income of 45 cents per share. Earnings, adjusted for non-recurring gains, were 40 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The footwear maker posted revenue of $510.7 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $508.1 million.
Wolverine expects full-year earnings in the range of $1.95 to $2.10 per share, with revenue in the range of $2.24 billion to $2.3 billion.
Wolverine shares have increased 37% since the beginning of the year. The stock has more than doubled in the last 12 months.
The Associated Press