Wolverine reports Q2 earnings beat, revenue above forecast
Footwear and apparel company Wolverine posts adjusted EPS of $0.68, beating estimates by $0.02, while revenue rises 8% year-over-year to $720 million.
Wolverine World Wide Inc. reported second-quarter adjusted earnings per share of $0.68, exceeding analyst expectations by $0.02, while revenue climbed 8% year-over-year to $720 million, according to a company release on Tuesday.
The footwear and apparel manufacturer attributed the revenue growth to strong demand across its Merrell and Wolverine brands, as well as contributions from recent acquisitions. Gross margin expanded to 46.5%, up from 45.2% in the same period last year, driven by improved product mix and cost efficiencies.
Net income rose to $52 million from $48 million in Q2 2023. The company maintained its full-year guidance, reaffirming adjusted EPS of $2.40 to $2.55 and revenue of $2.8 billion to $2.9 billion. Analysts had expected adjusted EPS of $0.66 and revenue of $710 million, according to Refinitiv data.
Wolverine’s shares were up 2% in pre-market trading following the results.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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