NEW YORK (TheStreet) -- Shares of Wolverine World Wide (WWW) - Get Report are spiking 9.15% to $24.33 on heavy trading volume late Tuesday afternoon after the company posted better-than-expected results for the 2016 second quarter.
Before today's market open, the Rockford, MI-based footwear company reported adjusted earnings of 25 cents per diluted share, above analysts' estimates of 23 cents per share.
Revenue for the quarter was $583.7 million, also higher than analysts' projections of $578.9 million.
"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," CEO Blake Krueger said in a statement.
For 2016, Wolverine sees adjusted earnings per share between $1.30 and $1.40 on revenue of $2.48 billion to $2.58 billion.
Analysts are forecasting earnings of $1.36 per share on revenue of $2.54 billion for the full year.
The company's brands include Hush Puppies, Keds, Merrell, Saucony, Wolverine, Stride Rite and Sperry.
About 2.09 million of the company's shares changed hands so far today vs. its average volume of 1.37 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, 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.
You can view the full analysis from the report here: WWW