Wolverine (WWW) closes retail outlets amid coronavirus crisis. Loss of sales from such stores is likely to show on first-quarter 2020 results.
ROCKFORD, Mich., April 29, 2020 -- Wolverine World Wide, Inc. (NYSE: WWW) today announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share.
Wolverine (WWW) delivered earnings and revenue surprises of 55.56% and -6.41%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Shares of Wolverine World Wide (NYSE:WWW) gained over 4% after the company reported Q1 results.Quarterly Results Earnings per share decreased 42.86% over the past year to $0.28, which beat the estimate of $0.17.Revenue of $439,300,000 lower by 16.07% from the same period last year, which missed the estimate of $455,200,000.Guidance Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.How To Listen To The Conference Call Date: Apr 22, 2020View more earnings on WWWTime: 01:01 PM ETWebcast URL: http://public.viavid.com/player/index.php?id=137077Recent Stock Performance Company's 52-week high was at $37.58Company's 52-week low was at $12.19Price action over last quarter: down 31.78%Company Profile Wolverine World Wide makes a wide range of footwear and apparel that it sells globally through three main divisions. The company sells casual footwear and apparel through its lifestyle group, and it sells performance and athletic apparel through its performance group. Its heritage group consists largely of industrial and work boots and shoes. Company brands include Sperry, Stride Rite, Hush Puppies, Keds, Merrell, and Saucony. The company also licenses brands including Harley-Davidson and Cat. Most company sales are wholesale to third-party retailers, but Wolverine also has some direct-to-consumer exposure and bids for U.S. military contracts. The company sources most of its product from third-party manufacturers in Asia. Wolverine manufactures some products internally.See more from Benzinga * Recap: Lithia Motors Q1 Earnings * Recap: Amphenol Q1 Earnings * Recap: Baker Hughes Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wolverine (WWW) first-quarter 2020 revenues were hurt by coronavirus. The bottom line also declined year over year.
Hush Puppies parent Wolverine World Wide Inc. announced a series of measures Wednesday to preserve cash during the coronavirus pandemic as it posted first-quarter earnings that beat on profit but fell short on sales. The Rockford, Michigan-based company, which also owns the Keds and Wolverine brands, said it had net earnings of $12.8 million, or 16 cents a share, in the quarter, down from $40.6 million, or 43 cents a share, in the year-earlier period. Adjusted per-share earnings came to 28 cents, ahead of the 15 cents FactSet consensus. Revenue fell 16.1% to $439.3 million, below the $455 million FactSet consensus. The company said cash-saving measures are expected to save $500 million in 2020, and lead to $150 million to $200 million of operating cash flow. The company has drawn down the remaining $367 million in its revolving credit line, reduced inventory receipts by about $300 million and postponed $25 million of capex planned for 2020 2020 until business conditions stabilize. It has further reduced operational expenses by furloughing workers, and cutting compensation for its executives and board. The company had $472.6 million of cash on hand at quarter-end. Shares were not yet active premarket, but have fallen 44% in the year to date, while the S&P 500 has fallen 15%.
Wolverine World Wide, Inc. (WWW) (the “Company”) today provided an update on actions it has taken to increase its liquidity and the flexibility of its capital structure, primarily through the amendment of its Senior Credit Facility, including $171 million in aggregate principal amount of incremental 364-day term loans and the sale of $300 million of 6.375% Senior Notes due 2025 (the “Notes”). The Company implemented several measures earlier this year to prioritize liquidity, cash preservation, and asset management in response to the impact of the COVID-19 pandemic. The Company continues to expect these cash preservation initiatives to exceed $500 million, positioning the Company to deliver $150 million to $200 million of operating cash flow in 2020.
Moody's Investors Service, ("Moody's") today assigned a Ba2 to Wolverine World Wide, Inc.'s ("Wolverine") proposed senior unsecured notes. Concurrently, Moody's affirmed the company's Ba1 corporate family rating (CFR), Ba1-PD probability of default rating (PDR) and Ba2 senior unsecured notes rating. Wolverine plans to use proceeds from the proposed notes to pay down a portion of outstanding borrowings under its revolving credit facility.
Wolverine World Wide, Inc. (WWW) (the “Company”) today announced the pricing of its offering of $300 million aggregate principal amount of 6.375% Senior Notes due 2025 (the “Notes”). The Company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility. The Notes will be guaranteed by the Company’s domestic subsidiaries that guarantee its senior credit facilities.
Q1 2020 Wolverine World Wide Inc Earnings Call
Wolverine World Wide, Inc. (WWW) today announced the appointment of Chris Hufnagel, Joelle Grunberg and Tom Kennedy to the Company’s Executive Leadership Team. Each will now be responsible for multiple brands within the Company’s diverse portfolio, and report directly to Blake W. Krueger, Wolverine’s Chairman, CEO and President.
Susquehanna analyst Sam Poser reiterated a Hold rating on Wolverine World Wide (NYSE:WWW) on Wednesday, setting a price target of $18, which is approximately 3.69% below the present share price of $18.69.
Wolverine (WWW) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Could Wolverine World Wide, Inc. (NYSE:WWW) be an attractive dividend share to own for the long haul? Investors are...
ROCKFORD, Mich., April 22, 2020 -- Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended March 28, 2020, and updated its actions.
Wolverine (WWW) amends credit facility in order to enhance financial position.
Although Wolverine World Wide, Inc. (NYSE: WWW) faces soft consumer demand and this year's holiday season remains uncertain, there seem to be pockets of relative opportunity in the footwear segment, according to KeyBanc Capital Markets.The Wolverine World Wide Analyst Matthew DeGulis upgraded Wolverine World Wide from Sector Weight to Overweight, keeping the price target at $27.The Wolverine World Wide Thesis Prior to the pandemic crisis, Wolverine World Wide was well positioned for a strong performance in 2020, DeGulis said in the note.He added that the company may be able to weather the current crisis better than its softlines peers and will likely gain share in the footwear market.The company's largest brands are driven by customer needs. In the first couple of weeks of the second quarter, Wolverine World Wide's owned ecommerce business was trending north of 100%. Moreover, the company has significant exposure to several economies that are reopening faster than the U.S., the analyst said.Wolverine World Wide's kids business is large and "spending on kids has acted recession resistant in the past," DeGulis wrote. He further added that the company has a comfortable liquidity position.WWW Price Action Shares of Wolverine World Wide had declined 1.8% to $20.11 at time of publication.Latest Ratings for WWW DateFirmActionFromTo May 2020KeyBancUpgradesSector WeightOverweight Apr 2020SusquehannaDowngradesPositiveNeutral Apr 2020StifelMaintainsBuy View More Analyst Ratings for WWW View the Latest Analyst Ratings See more from Benzinga * Boeing's Large Bond Deal Solves Liquidity Problem, Says Bullish Goldman Sachs * Roth Downgrades Inovio On Valuation Despite Positive MERS Vaccine Data * Stifel Upgrades Southwest Airlines, Says It Will Exit The Coronavirus Crisis Stronger(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Wolverine World Wide, Inc. New York, May 07, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Wolverine World Wide, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's assessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers, which was followed by a rating committee.
As of March 28, the Merrell and Sperry parent had $472.6 million cash on hand.
Wolverine World Wide, Inc. (WWW) (the “Company”) today announced that it is offering $300 million aggregate principal amount of senior notes due 2025 (the “Notes”), subject to market and other customary conditions. The Company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility. The Notes will be guaranteed by the Company’s domestic subsidiaries that guarantee its senior credit facilities.