Wolverine World Wide Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for Fiscal 2012
January 30, 2012 at 06:30 am
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Wolverine World Wide Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported revenue of $406,466,000 against $385,025,000 for the same period of last year. Operating profit was $30,943,000 against $31,166,000 for the same period of last year. Earnings before income taxes were $30,418,000 against $32,207,000 for the same period of last year. Net earnings were $23,011,000 against $25,647,000 for the same period of last year. Diluted earnings per share were $0.47 against $0.52 for the same period of last year.
For the year, the company reported revenue of $1,409,068,000 against $1,248,517,000 for the same period of last year. Operating profit was $170,218,000 against $142,247,000 for the same period of last year. Earnings before income taxes were $168,910,000 against $143,226,000 for the same period of last year. Net earnings were $123,287,000 against $104,470,000 for the same period of last year. Diluted earnings per share were $2.48 against $2.11 for the same period of last year. Net cash provided by operating activities was $78,814,000 against $67,866,000 for the same period of last year. Additions to property, plant and equipment was $19,397,000 against $16,370,000 for the same period of last year. Revenue rose 12.9% for the year, driven by double-digit growth from each of the company's branded operating groups: the outdoor group, Lifestyle Group and Heritage Group. EBITDA was $185 million.
For the year 2012, the company expects revenue to be in the range of $1.485 billion to $1.525 billion, representing growth of 5.4% to 8.2% versus the prior year; moderate gross margin expansion; full-year effective tax rate of approximately 28%; fully diluted earnings per share expected to be in the range of $2.60 to $2.70, representing growth of approximately 4.8% to 8.9% versus the prior year. Adjusted for the estimated incremental non-cash pension expense, earnings per share are expected to grow in the range of 10.9% to 14.9% to $2.75 to $2.85. Capital expenditures including those related to kicking off the distribution expansion initiative will be in a range of $25 million to $30 million, and depreciation and amortization will be approximately $20 million.
Wolverine World Wide, Inc. is a designer, marketer and licensor of a range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The Company's segments include Active Group and Work Group. Its Active Group segment consists of Merrell footwear and apparel, Saucony footwear and apparel, Sweaty Betty activewear, and Chaco footwear. Its Work Group segment consists of Wolverine footwear and apparel, Cat footwear, Bates uniform footwear, Harley-Davidson footwear and HYTEST safety footwear. Its Other category consists of Sperry footwear, Keds footwear, Hush Puppies footwear and apparel. The Companyâs products are marketed worldwide in approximately 170 countries and territories through owned operations in the United States (U.S.), Canada, the United Kingdom (U.K.) and certain countries in continental Europe and Asia Pacific.
Wolverine World Wide Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for Fiscal 2012