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Apr 03, 2021
Wolverine Q1 2021 Earnings Report
Reported strong first-quarter results and raised full-year outlook.
Key Takeaways
Wolverine Worldwide reported a strong first quarter with revenue up 16.3% year-over-year, driven by 84% eCommerce revenue growth. The company raised its full-year outlook for revenue and earnings per share.
Revenue increased by 16.3% compared to the prior year, reaching $510.7 million.
eCommerce revenue grew by 83.6% versus the prior year.
Reported earnings per share were $0.45, compared to $0.16 in the prior year.
The company raised its full-year revenue outlook to a range of $2,240 million to $2,300 million.
Revenue by Segment
Forward Guidance
For the full 2021 fiscal year, the Company now expects revenue in the range of $2,240 million to $2,300 million, growth of 25% to 28% versus the prior year. Reported diluted earnings per share are now expected to be in the range of $1.70 to $1.85, and adjusted diluted earnings per share are now expected to be in the range of $1.95 to $2.10.
Positive Outlook
- Revenue expected to be in the range of $2,240 million to $2,300 million.
- Revenue growth of 25% to 28% versus the prior year is anticipated.
- Aspirational target of $500 million in owned eCommerce revenue is maintained.
- Reported diluted earnings per share are expected to be in the range of $1.70 to $1.85.
- Adjusted diluted earnings per share are expected to be in the range of $1.95 to $2.10.
Challenges Ahead
- Outlook assumes no meaningful deterioration of current market conditions related to the COVID-19 pandemic during the remainder of 2021.
- Supply chain obstacles have plagued the industry.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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