NEW YORK (TheStreet) -- Shares of Wolverine World Wide (WWW) - Get Report were sliding on heavy trading volume late Tuesday afternoon after the company reported lower-than-anticipated revenue for the 2016 third quarter.
Before the market open, the Rockford, MI-based footwear company posted revenue of $603.7 million, down 11.1% year-over-year and missing Wall Street's expectations of $628.3 million.
The company posted adjusted earnings of 49 cents per share, topping analysts' estimates for adjusted earnings of 48 cents per share in the quarter.
For the full year, Wolverine projects adjusted earnings per share of $1.30 to $1.40 on consolidated revenue at the "lower end" of the range between $2.48 billion and $2.58 billion.
Wall Street is looking for adjusted earnings of $1.35 per share on revenue of $2.53 billion for the year.
More than 2.36 million shares have traded hands so far today vs. the 30-day average volume of about 716,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: WWW