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Wolverine World Wide Inc. earnings exceed Wall Street expectations

Wolverine Worldwide HQ sign.JPG
Posted at 8:28 AM, Nov 05, 2020
and last updated 2020-11-05 08:28:11-05

ROCKFORD, Mich. — Wolverine World Wide Inc. (WWW) on Thursday reported third-quarter profit of $22.4 million.

On a per-share basis, the Rockford, Michigan-based company said it had net income of 27 cents. Earnings, adjusted for non-recurring costs, came to 35 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The footwear maker posted revenue of $493.1 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $458.4 million.

Wolverine shares have fallen 14% since the beginning of the year. The stock has fallen almost 3% in the last 12 months.