Shares of Wolverine World Wide(WWW Quote) were among the NYSE's winners Wednesday, jumping 15% after the footwear maker posted better-than-expected first-quarter results.
The company earned $19.6 million, or 34 cents a share, on revenue of $262.8 million. Analysts polled by Thomson First Call expected earnings of 30 cents a share and revenue of $261.4 million. During the year-earlier quarter, the company earned $16.1 million, or 27 cents a share, on revenue of $245.2 million. The company attributed the jump to strong growth at its Merrell brand and gross margin expansion.
Looking ahead, Wolverine World Wide now sees 2006 earnings at the top half of its previously projected range of $1.34 to $1.40 a share. The company continues to expect full-year revenue of $1.11 billion to $1.13 billion. Analysts project earnings of $1.36 a share on revenue of $1.13 billion. Shares were trading up $3.02 to $23.75. ...
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