Shares of Wolverine World Wide, Inc. (NYSE:WWW) ended Friday session in green amid volatile trading. The shares closed up +0.51 points or 2.26% at $23.03 with 583,796 shares getting traded. Post opening the session at $22.70, the shares hit an intraday low of $22.61 and an intraday high of $23.13 and the price vacillated in this range throughout the day. The company has a market cap of $2.34 billion and the numbers of outstanding shares have been calculated to be 99.44 million shares.
Wolverine World Wide, Inc. (WWW) reported financial results for the second quarter ended June 18, 2016. Adjusted financial results exclude restructuring and impairment costs. References to underlying revenue indicate reported revenue adjusted for the impact of foreign exchange, retail store closures, and the exit of the Cushe business.
“We delivered better-than-expected results for the second quarter,” said Blake W. Krueger, Wolverine Worldwide’s Chairman, Chief Executive Officer and President. “Equally important, we continued to drive progress against our key strategic initiatives, which are designed to accelerate growth and improve earnings performance through a relentless focus on the consumer, product innovation, and compelling storytelling. While the global retail environment continues to be volatile, our diversified business model – built around an industry-leading portfolio of brands – served us well in the quarter, and we expect that it will continue to be a critical competitive advantage for us in the future.”
SECOND-QUARTER 2016 REVIEW
- Reported revenue of $583.7 million was in line with expectations, declining 7.4% versus the prior year. Underlying revenue declined 5.2% versus the prior year.
- Reported gross margin was 38.8%, compared to 39.1% in the prior year. Gross margin on a constant currency basis was 39.8%, an increase of 70 basis points versus the prior year.
- Reported operating margin was 7.2%, compared to 7.6% in the prior year. Adjusted operating margin on a constant currency basis was 8.4%, up 30 basis points versus the prior year’s adjusted operating margin.
- Reported diluted earnings per share were $0.24 in the current and prior year quarter. Adjusted diluted earnings per share were $0.25, which exceeded expectations, and on a constant currency basis were $0.30, compared to $0.27 in the prior year.
- Inventory balances at the end of the quarter were 2.9% lower than the prior year.
- Cash and cash equivalents were $221.7 million. Reported debt was $808.0 million, which resulted in net debt of $586.3 million at quarter end.
- The Company repurchased 136,521 shares during the quarter at an average price of $17.94 per share.
“We are pleased with our performance for the second quarter,” stated Mike Stornant, Senior Vice President and Chief Financial Officer. “Our team’s disciplined execution of our business model allowed us to effectively manage inventory below last year’s level. Looking ahead, we plan to leverage our operational strengths to enhance earnings and drive greater value for our shareholders.”
Shares of International Paper Co (NYSE:IP) ended Friday session in green amid volatile trading. The shares closed up +0.66 points or 1.39% at $47.98 with 4,253,061 shares getting traded. Post opening the session at $47.50, the shares hit an intraday low of $47.32 and an intraday high of $48.25 and the price vacillated in this range throughout the day. The company has a market cap of $20.00 billion and the numbers of outstanding shares have been calculated to be 411.20 million shares.
International Paper Co (IP) announced that it will release third-quarter 2016 earnings on Thursday, October 27, 2016 before the opening of the New York Stock Exchange. The company will host a webcast to discuss earnings and current market conditions, beginning at 10 a.m. ET (9 a.m. CT).
All interested parties are invited to listen to the webcast via the company’s Internet site at http://www.internationalpaper.com by clicking on the Performance/Investors tab and going to the Presentations and Events/Webcasts page.
A replay of the webcast will also be on the web site beginning approximately two hours after the call. Parties who wish to participate in the webcast via teleconference may dial +1 (706) 679-8242 or, within the U.S. only, (877) 316-2541, and ask to be connected to the International Paper third-quarter earnings call. The conference ID number is 90466167. Participants should call in no later than 9:45 a.m. ET (8:45 a.m. CT).
An audio-only replay will be available for ninety days following the call. To access the replay, dial +1 (404) 537-3406 or, within the U.S. only, (855) 859-2056 or (800) 585-8367, and when prompted for the conference ID, enter 90466167.