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Wolverine World Wide reports rise in Q2 revenue
16 Jul '10
4 min read
• Accounts receivable at the end of the quarter were up only 0.2% versus the quarter's mid-single digit revenue increase. Days sales outstanding at quarter end decreased versus the prior year. Inventory at the end of the quarter was down $12.9 million, or 7.0%, compared to the prior year.
• The Company repurchased approximately 753,000 of its own shares in the quarter for an aggregate cost of $22.6 million. Year to date, the Company has repurchased approximately 1.6 million shares for a total cost of $47.1 million. The Company has a solid balance sheet, with no significant debt, no borrowings against its recently-announced new $150 million revolving credit facility and $110.1 million of cash and cash equivalents at the end of the second quarter.
Due to the strong year-to-date revenue performance across the portfolio and continued solid order trends, the Company is increasing its full-year revenue estimate to a range of $1.190 billion to $1.220 billion, representing growth of 8.1% to 10.8% versus the prior year. The Company is also increasing its full-year earnings outlook, excluding restructuring and related charges of $0.06 per share, to a range of $1.98 to $2.04 per share. This range represents growth of 11.9% to 15.3% versus the prior year's adjusted diluted earnings per share of $1.77. Reported earnings per diluted share are anticipated in the range of $1.92 to $1.98.
Krueger continued, "The Company is off to an excellent start this year. Our increased 2010 revenue and earnings guidance reflects the strength and momentum of our lifestyle brands in the global marketplace. Product innovation and compelling marketing across our portfolio are driving success at retail, as consumers have embraced our new product offerings. We remain committed to meeting, and exceeding, the wants and needs of our consumers while also delivering superior financial returns to our shareholders."
• The Company repurchased approximately 753,000 of its own shares in the quarter for an aggregate cost of $22.6 million. Year to date, the Company has repurchased approximately 1.6 million shares for a total cost of $47.1 million. The Company has a solid balance sheet, with no significant debt, no borrowings against its recently-announced new $150 million revolving credit facility and $110.1 million of cash and cash equivalents at the end of the second quarter.
Due to the strong year-to-date revenue performance across the portfolio and continued solid order trends, the Company is increasing its full-year revenue estimate to a range of $1.190 billion to $1.220 billion, representing growth of 8.1% to 10.8% versus the prior year. The Company is also increasing its full-year earnings outlook, excluding restructuring and related charges of $0.06 per share, to a range of $1.98 to $2.04 per share. This range represents growth of 11.9% to 15.3% versus the prior year's adjusted diluted earnings per share of $1.77. Reported earnings per diluted share are anticipated in the range of $1.92 to $1.98.
Krueger continued, "The Company is off to an excellent start this year. Our increased 2010 revenue and earnings guidance reflects the strength and momentum of our lifestyle brands in the global marketplace. Product innovation and compelling marketing across our portfolio are driving success at retail, as consumers have embraced our new product offerings. We remain committed to meeting, and exceeding, the wants and needs of our consumers while also delivering superior financial returns to our shareholders."
Wolverine World Wide Inc
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