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Sep 28, 2024
Wolverine Q3 2024 Earnings Report
Wolverine Worldwide reported third quarter revenue and earnings above guidance and raised revenue and earnings guidance for fiscal year 2024.
Key Takeaways
Wolverine Worldwide's third quarter results exceeded expectations, driven by strong performance from Merrell and Saucony. The company is making progress on its turnaround plan, with record gross margin and significantly increased earnings compared to the previous year. Wolverine is moving forward with a stronger platform for growth, a rationalized brand portfolio, a healthier balance sheet, and a talented team.
Delivered better-than-expected revenue and earnings, led by Merrell and Saucony.
Drove another quarter of record gross margin.
More than doubled earnings versus last year.
Moving forward with a stronger platform for growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company currently expects revenue from its ongoing business to be approximately $1.730 to $1.745 billion and diluted earnings per share in the range of $0.56 to $0.66 and adjusted diluted earnings per share in the range of $0.80 to $0.90 for fiscal year 2024.
Positive Outlook
- Revenue from its ongoing business to be approximately $1.730 to $1.745 billion.
- Gross margin of approximately 44.5%.
- Operating margin to be approximately 5.8% and adjusted operating margin to be approximately 7.2%.
- The effective tax rate to be approximately 16.5%.
- Diluted earnings per share in the range of $0.56 to $0.66 and adjusted diluted earnings per share in the range of $0.80 to $0.90.
Challenges Ahead
- Revenue represents a decline of approximately 13.1% to 12.4% and a constant currency decline of approximately 13.3% to 12.6% compared to 2023.
- Operating margin compares to the previous operating margin outlook of approximately 6.0% and adjusted operating margin of approximately 7.4%.
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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