ROCKFORD, Mich. (AP) — ROCKFORD, Mich. (AP) — Wolverine World Wide Inc. (WWW) on Thursday reported fourth-quarter profit of $31.8 million.
The Rockford, Michigan-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring costs, came to 45 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The footwear maker posted revenue of $517.5 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $514.6 million.
For the year, the company reported profit of $95.8 million, or $1.14 per share. Revenue was reported as $1.87 billion.
Wolverine expects full-year earnings in the range of $1.35 to $1.50 per share, with revenue in the range of $1.96 billion to $1.99 billion.
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