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Jun 29, 2024
Wolverine Q2 2024 Earnings Report
Reported better-than-expected revenue and earnings, while executing turnaround plan.
Key Takeaways
Wolverine Worldwide reported second-quarter revenue of $425.2 million and EPS of $0.17, exceeding expectations. The company is executing its turnaround plan, lowering debt and inventory levels, and expanding gross margin. They are beginning to see proof points of growth driven by stronger product pipelines and improved demand creation.
Delivered better-than-expected revenue and earnings in Q2 2024.
Lowered debt and inventory levels significantly.
Expanded gross margin meaningfully.
Observed proof points of inflection to growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Company expects revenue from its ongoing business to be approximately $1.71 to $1.73 billion. Gross margin of approximately 44.5%. Operating margin to be approximately 6.0 % and adjusted operating margin to be approximately 7.4%. Diluted earnings per share in the range of $0.53 to $0.63 and adjusted diluted earnings per share in the range of $0.75 to $0.85.
Positive Outlook
- Revenue from its ongoing business to be approximately $1.71 to $1.73 billion.
- Gross margin of approximately 44.5%, up 460 basis points compared to 2023.
- Operating margin to be approximately 6.0 %.
- Adjusted operating margin to be approximately 7.4%, up 350 basis points compared to 2023.
- Diluted earnings per share in the range of $0.53 to $0.63 and adjusted diluted earnings per share in the range of $0.75 to $0.85.
Challenges Ahead
- Revenue represents a decline of approximately 14.2% to 13.2% compared to 2023.
- Constant currency decline of approximately 14.1% to 13.1% compared to 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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