wolverine world wide inc (WWW) Key Developments
Wolverine World Wide Inc. Announces Unaudited Consolidated Earnings Results for the Twelve Weeks and Twenty Four Weeks Ended June 20, 2015; Reaffirms Earnings Guidance for the Full Year of 2015
Jul 21 15
Wolverine World Wide Inc. announced unaudited consolidated earnings results for the twelve weeks and twenty four weeks ended June 20, 2015. For the twelve weeks, the company reported revenue of $630.1 million compared to $613.5 million a year ago. Operating profit was $47.6 million compared to $49.0 million a year ago. Earnings before income taxes were $36.8 million compared to $38.5 million a year ago. Net earnings were $25.2 million compared to $27.6 million a year ago. Net earnings attributable to the company were $25.3 million or $0.24 per diluted share compared to $27.5 million or $0.27 per diluted share a year ago. Adjusted operating profit was $51.3 million compared to $55.0 million a year ago. Adjusted EPS was $0.27 per share compared to $0.31 per share a year ago.
For the twenty four weeks, the company reported revenue of $1,261.5 million compared to $1,241.1 million a year ago. Operating profit was $111.2 million compared to $112.7 million a year ago. Earnings before income taxes were $91.9 million compared to $90.5 million a year ago. Net earnings were $65.3 million compared to $64.8 million a year ago. Net earnings attributable to the company were $65.4 million or $0.63 per diluted share compared to $64.6 million or $0.64 per diluted share a year ago. As at June 20, 2015, the company’s net debt was $612.4 million compared to $898.9 million a year ago. Net cash provided by operating activities was $94.9 million compared to $65.6 million a year ago. Additions to property, plant and equipment were $15.8 million compared to $12.5 million a year ago.
The company reaffirmed earnings guidance for the full year of 2015. The company is narrowing its full-year revenue guidance and reaffirming its adjusted earnings per share guidance, as consolidated reported revenue is expected in the range of $2.82 billion to $2.85 billion, representing growth in the range of approximately 2% to 3% versus the prior year. Constant currency revenue growth is expected in the range of approximately 5% to 6%. Adjusted diluted earnings per share is expected in the range of $1.53 to $1.60. Constant currency adjusted diluted earnings per share is expected in the range of $1.68 to $1.75. The company reported diluted earnings per share in fiscal 2015 is expected in the range of $1.39 to $1.46. The company still expect full year tax rate to remain in line with previous guidance. The reported effective tax rate for the second quarter was 31.4%.
Wolverine World Wide Inc. Announces Amended and Extended the Senior Secured Credit Facilities
Jul 15 15
Wolverine World Wide Inc. announced that it has amended and extended the company's senior secured credit facilities. The amended credit agreement consists of a $450 million term loan and a $500 million revolving credit facility, an overall facility increase of $300 million. In addition to increasing the overall size of the company's borrowing capacity, the amended credit agreement extends the maturity date of the facilities, lowers the cost of the company's debt, lowers cash required during the first three years, increases flexibility with respect to stock repurchases and other restricted uses of cash.
Wolverine World Wide Plans Acquisitions
Jul 15 15
Wolverine World Wide Inc. (NYSE:WWW) plans to make acquisitions. has amended and extended the Company's senior secured credit facilities. The amended credit agreement consists of a $450 million term loan and a $500 million revolving credit facility, an overall facility increase of $300 million. Michael D. Stornant, Wolverine Worldwide's Senior Vice President and Chief Financial Officer said: "This amendment provides us with additional flexibility and liquidity to continue to invest in growth, fund possible future acquisitions, and repurchase shares - all while reducing our interest rate."
Wolverine World Wide, Inc. Declares Quarterly Cash Dividend Payable on November 2, 2015
Jul 8 15
Wolverine World Wide Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on November 2, 2015, to stockholders of record on October 1, 2015. The dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.24 per share.
Wolverine Worldwide Announces Executive Changes, Effective June 12, 2015
Jun 1 15
Wolverine Worldwide announced the appointment of Michael D. Stornant to the position of Senior Vice President, Chief Financial Officer and Treasurer, effective June 12, 2015. He will succeed Donald T. Grimes, who has resigned his position to become Executive Vice President, Chief Operating Officer and Chief Financial Officer for the Neiman Marcus Group. Mr. Stornant, 49, most recently served as Vice President of Corporate Finance, with global responsibility for the company's corporate accounting, financial planning, tax and credit functions. Mr. Stornant has held numerous and increasingly significant operations and financial roles within the company over the past two decades, including Vice President and General Manager of the Bates brand, Senior Vice President of Finance and Administration for the Global Operations Group, Vice President of Corporate Planning and Analysis, Senior Vice President of Manufacturing Operations, and Director of Internal Audit. In his new role, Mr. Stornant will report directly to Blake W. Krueger, Wolverine's Chairman, Chief Executive Officer and President, and serve as a member of the Company's executive management team.