Update (4:45 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Wolverine World Wide (WWW) fell 7.07% to $30.50, down $2.32 from its previous close of $32.82, at the close of the trading day on Tuesday after the company reported its preliminary fiscal year 2013 results.
The stock had a volume of 3,124,312, well above its average of 829,767. It hit a high of $31.05 and a low of $29.70 for the day.
Wolverine reported that it sees its fiscal year 2013 EPS on the high end of the $1.37 to $1.42 range, which is in line with the Capital IQ Consensus Estimate of $1.42. The company also expects revenue of $2.69 billion, slightly below the Capital IQ Consensus Estimate of $2.72 billion. Wolverine also lowered its fiscal year 2014 guidance and expects "full-year revenue growth in the mid-single digit range, with year-over-year revenue growth accelerating over the course of the year," according to the company's report.
The Rockford, Mich.-based footwear manufacturer expects to report its full fiscal year 2013 results on Feb. 18.
TheStreet Ratings team rates Wolverine World Wide as a "buy" with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WOLVERINE WORLD WIDE (WWW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in net income, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."