Wolverine World Wide (NYSE:WWW) Issues FY24 Earnings Guidance

Wolverine World Wide (NYSE:WWW) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.65 to $0.85 for the period, compared to the consensus earnings per share estimate of $0.77. The company issued revenue guidance of $1.680 billion to $1.730 billion from $1.70 billion to $1.75 b, compared to the consensus revenue estimate of $1.72 billion. Wolverine World Wide also updated its FY 2024 guidance to 0.650-0.850 EPS.

Wolverine World Wide Stock Up 12.0 %

Shares of WWW stock traded up $1.37 during trading hours on Wednesday, reaching $12.79. 1,318,078 shares of the company’s stock were exchanged, compared to its average volume of 879,925. The company has a current ratio of 1.18, a quick ratio of 0.75 and a debt-to-equity ratio of 2.02. The stock’s 50 day moving average is $10.20 and its 200-day moving average is $9.24. Wolverine World Wide has a fifty-two week low of $7.21 and a fifty-two week high of $17.85. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -24.88 and a beta of 1.73.

Wolverine World Wide (NYSE:WWW) last released its earnings results on Wednesday, February 21st. The textile maker reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.03). Wolverine World Wide had a negative net margin of 1.77% and a positive return on equity of 1.45%. The firm had revenue of $526.70 million during the quarter, compared to analyst estimates of $520.12 million. During the same period in the previous year, the company earned ($0.15) earnings per share. Wolverine World Wide’s revenue was down 20.8% on a year-over-year basis. Analysts predict that Wolverine World Wide will post 0.77 earnings per share for the current fiscal year.

Wolverine World Wide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.13%. The ex-dividend date is Monday, July 1st. Wolverine World Wide’s payout ratio is -78.43%.

Wall Street Analysts Forecast Growth

WWW has been the topic of several recent analyst reports. Seaport Res Ptn raised shares of Wolverine World Wide from a neutral rating to a buy rating in a research note on Monday. Telsey Advisory Group restated a market perform rating and set a $10.00 price target on shares of Wolverine World Wide in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Wolverine World Wide has an average rating of Hold and a consensus target price of $10.63.

About Wolverine World Wide

Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. It operates through Active Group and Work Group segments. The company offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.