Wolverine World Wide report record sales
Wolverine World Wide Inc. has reported record net sales and other operating income for the third quarter 2002. Earnings per share met the consensus estimate.
Net sales and other operating income rose 17.7% to $219.2 million from the $186.2 million reported for the third quarter of 2001. Net earnings for the third quarter of 2002 grew to $15.3 million, or $0.37 per share compared to $14.4 million, or $0.34 per share reported for the year previous.
Year-to-date net sales and other operating income rose 14% to a record $565.8 million compared to the $496.1 million reported for the same period last year. Net earnings for the first three-quarters reached a record $30.8 million, or $0.73 per share compared to $29.2 million, or $0.69 per share reported for the comparable period of 2001.
Timothy J. O'Donovan, President and CEO of Wolverine World Wide , said: "While we are in the early stages of our planning process, our initial guidance for 2003 is for sales to increase within a range of $875 to $885 million, with earnings reaching $1.21 to $1.24 per share. This targeted earnings range reflects a significant increase in operating earnings, which will be offset in part by additional pension costs of approximately $0.11 per share. This increase in pension costs is a non-cash expense driven by the current investment and interest rate environment."
