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Reuters
Published
Feb 1, 2011
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Wolverine Q4 tops Wall Street; sees strong 2011

By
Reuters
Published
Feb 1, 2011

Feb 1 (Reuters) - Wolverine World Wide Inc's (WWW.N) fourth-quarter results beat market expectations and the shoe maker forecast a strong 2011 on robust order backlogs and positive customer responses to its new product offerings.

Wolverine
Wolverine specialises in outdoor shoes for professional use / Photo DR

For the current fiscal year, the company, which sells a range of casual, rugged outdoor and work footwear, expects to earn $2.35-$2.45 a share on revenue of $1.35-$1.39 billion.

Analysts on average were expecting earnings of $2.29 on revenue of $1.31 billion, according to Thomson Reuters I/B/E/S.

For the quarter ended Jan. 1, Wolverine earned $25.6 million, or 52 cents a share, compared with $16.7 million, or 33 cents a share, a year ago.

Analysts had expected earnings of 46 cents a share.

Revenue rose 23 percent to $385.0 million, surpassing analysts' estimates of $357.4 million. (Reporting by Viraj Nair in Bangalore; Editing by Maju Samuel)

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