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V.F. Corporation (VFC - Free Report) posted second-quarter 2017 results, wherein earnings of 29 cents per share topped the Zacks Consensus Estimate of 28 cents. However, the bottom line declined 11% year over year and remained flat on a currency-neutral basis.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has been stable over the past 30 days. Further, in the trailing four quarters, excluding quarter under review, the company has outpaced the Zacks Consensus Estimate by an average of 1.3%.
V.F. Corporation Price, Consensus and EPS Surprise
Revenues: V.F. Corp. generated total revenue, including royalty income, of $2,359.6 million that increased about 2% year over year and surpassed the Zacks Consensus Estimate of $2,289.6 million. Net sales of $2,333.3 million also advanced 2% from the prior-year quarter. On a currency neutral basis, revenues jumped 3%.
Key Events: V.F. Corp. notified about the retirement of Eric C. Wiseman from the position of Executive Chairman of the Board and Director of the company, effective Oct 28, 2017. Further, it stated that President, Chief Executive Officer and Director Steven E. Rendle, will succeed Eric as the Chairman after his retirement.
The company bought back 14 million shares worth $760 million in the second quarter. Further, the company declared a quarterly dividend of 42 cents per share, which is payable on Sep 18 to shareholders with record as on Sep 8.
On Apr 28, 2017, V.F. Corp. completed the sale of its Licensed Sports Group business that consists of the Majestic brand, to Fanatics, Inc.
On Aug 26, 2016, V.F. Corp. concluded the sale of its Contemporary Brands businesses, which included the 7 For All Mankind, Splendid and Ella Moss brands, to Delta Galil Industries Ltd. Thereafter, the company recorded all results from this business under discontinued operations.
Outlook: Based on the solid first half 2017 results, the company raised its outlook for full-year 2017. The company expects revenue come in at nearly $11.65 billion, an increase of 2% on a reported basis and a 3% growth on a currency-neutral basis. The company now envisions earnings per share for 2017 of about $2.94 per share, marking a 1% dip from the prior-year quarter on a reported basis and up mid-single digit percentage rate on a currency-neutral basis. This compares to the company’s previous guidance range of $2.89 - $2.94 per share.
Stock Movement: V.F. Corp. shares jumped nearly 1.5% in the pre-market trading hours following the earnings release. Investors developed a positive sentiment following the company’s better-than-expected results and favorable 2017 view.
Check back later for our full write up on V.F. Corp.’s earnings report!
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V.F. Corp. (VFC) Tops Q2 Earnings Estimate, Ups 2017 View
V.F. Corporation (VFC - Free Report) posted second-quarter 2017 results, wherein earnings of 29 cents per share topped the Zacks Consensus Estimate of 28 cents. However, the bottom line declined 11% year over year and remained flat on a currency-neutral basis.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has been stable over the past 30 days. Further, in the trailing four quarters, excluding quarter under review, the company has outpaced the Zacks Consensus Estimate by an average of 1.3%.
V.F. Corporation Price, Consensus and EPS Surprise
V.F. Corporation Price, Consensus and EPS Surprise | V.F. Corporation Quote
Revenues: V.F. Corp. generated total revenue, including royalty income, of $2,359.6 million that increased about 2% year over year and surpassed the Zacks Consensus Estimate of $2,289.6 million. Net sales of $2,333.3 million also advanced 2% from the prior-year quarter. On a currency neutral basis, revenues jumped 3%.
Key Events: V.F. Corp. notified about the retirement of Eric C. Wiseman from the position of Executive Chairman of the Board and Director of the company, effective Oct 28, 2017. Further, it stated that President, Chief Executive Officer and Director Steven E. Rendle, will succeed Eric as the Chairman after his retirement.
The company bought back 14 million shares worth $760 million in the second quarter. Further, the company declared a quarterly dividend of 42 cents per share, which is payable on Sep 18 to shareholders with record as on Sep 8.
On Apr 28, 2017, V.F. Corp. completed the sale of its Licensed Sports Group business that consists of the Majestic brand, to Fanatics, Inc.
On Aug 26, 2016, V.F. Corp. concluded the sale of its Contemporary Brands businesses, which included the 7 For All Mankind, Splendid and Ella Moss brands, to Delta Galil Industries Ltd. Thereafter, the company recorded all results from this business under discontinued operations.
Outlook: Based on the solid first half 2017 results, the company raised its outlook for full-year 2017. The company expects revenue come in at nearly $11.65 billion, an increase of 2% on a reported basis and a 3% growth on a currency-neutral basis. The company now envisions earnings per share for 2017 of about $2.94 per share, marking a 1% dip from the prior-year quarter on a reported basis and up mid-single digit percentage rate on a currency-neutral basis. This compares to the company’s previous guidance range of $2.89 - $2.94 per share.
Zacks Rank: Currently, V.F. Corp. carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: V.F. Corp. shares jumped nearly 1.5% in the pre-market trading hours following the earnings release. Investors developed a positive sentiment following the company’s better-than-expected results and favorable 2017 view.
Check back later for our full write up on V.F. Corp.’s earnings report!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>