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V.F. Corporation (VFC) Beats on Q1 Earnings & Sales Estimates

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V.F. Corporation (VFC - Free Report) came out with first-quarter fiscal 2019 results, wherein adjusted earnings of 43 cents per share surpassed the Zacks Consensus Estimate of 32 cents and rose 62% year over year. Moreover, earnings included a 4 cents contribution from the Williamson-Dickie, Icebreaker and Altra acquisitions. On a currency-neutral basis, earnings per share improved 56%.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2019 has witnessed an uptrend in the last seven days. In the trailing four quarters, excluding quarter under review, the company has outpaced the Zacks Consensus Estimate by an average of 3.9%.

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 revenues, including royalty income, of $2,788.1 million that increased about 23% year over year and beat the Zacks Consensus Estimate of $2,662 million. Net sales of $2,765.7 million also advanced 23% from the prior-year quarter, including contributions from the afore-mentioned acquisitions. On a currency neutral basis, revenues jumped 21%. Excluding acquisitions, revenues were up 12%, while currency-neutral revenue grew 10%.

Outlook: For fiscal 2019, the company now expects revenue of $13.6-$13.7 billion, an increase of 10-11%. It envisions adjusted earnings per share to be in the range of $3.52-$3.57, marking 12-14% growth year over year.

Key Events: Based on the recent buyouts, divestitures as well as organizational realignments, V.F. Corp. has changed its reporting structure into Outdoor, Active, Work and Jeans segments.

Zacks Rank: Currently, V.F. Corp. carries a Zacks Rank #2 (Buy), 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.

Check back later for our full write up on V.F. Corp.’s earnings report!

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