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Last Update: 24-Oct-11 11:22 ET
V.F. Corp Tops Third Quarter Expectations
V.F. Corp (VFC $136.96 +4.27) reported third quarter earnings of $2.87 per share, excluding non-recurring items, $0.29 better than the Capital IQ Consensus Estimate of $2.58.
Revenues rose 23.3% year/year to $2.73 billion versus the $2.62 billion consensus.
Co raised guidance for fiscal year 2011 including the Timberland acq., sees earnings of approx. $8.15, which may not be comparable to $7.86 Capital IQ Consensus Estimate.
The company expects to see revenue growth of +22-23% year/year about $9.40 billion to $9.47 billion, may not be comparable to $9.24 billion Capital IQ Consensus Estimate.
Total revenues are now expected to rise 22 to 23% in 2011, due to continued strong organic growth and the Timberland acquisition. Organic revenue growth is anticipated at approx. 13.5% in 2011, above previous guidance for growth of 12 to 13%. The full year revenue contribution from Timberland continues to be about $700 million in 2011. The $8.15 per share includes accretion from Timberland of $.55 per share, excluding acquisition-related expenses, (up from $.45 per share accretion indicated at the time of acquisition), as well as an increase of $.10 per share from stronger-than-anticipated organic earnings growth.
Acquisition-related expenses are expected to approx. $.25 per share in 2011, up slightly from the $.20 per share indicated at the time of acquisition). The Board of Directors declared a quarterly cash dividend of $.72 per share, an increase of 14%.
Revenues rose 23.3% year/year to $2.73 billion versus the $2.62 billion consensus.
Co raised guidance for fiscal year 2011 including the Timberland acq., sees earnings of approx. $8.15, which may not be comparable to $7.86 Capital IQ Consensus Estimate.
The company expects to see revenue growth of +22-23% year/year about $9.40 billion to $9.47 billion, may not be comparable to $9.24 billion Capital IQ Consensus Estimate.
Total revenues are now expected to rise 22 to 23% in 2011, due to continued strong organic growth and the Timberland acquisition. Organic revenue growth is anticipated at approx. 13.5% in 2011, above previous guidance for growth of 12 to 13%. The full year revenue contribution from Timberland continues to be about $700 million in 2011. The $8.15 per share includes accretion from Timberland of $.55 per share, excluding acquisition-related expenses, (up from $.45 per share accretion indicated at the time of acquisition), as well as an increase of $.10 per share from stronger-than-anticipated organic earnings growth.
Acquisition-related expenses are expected to approx. $.25 per share in 2011, up slightly from the $.20 per share indicated at the time of acquisition). The Board of Directors declared a quarterly cash dividend of $.72 per share, an increase of 14%.
