VF Corp (NYSE: VFC) had a busy day in Monday trading, after the company reported upbeat earnings for its third quarter and raised its FY2017 guidance.
The company, based out of Greensboro, North Carolina, reported third-quarter revenue from continuing operations increased 5% to $3.5 billion (up 4% currency neutral. Gross margin from continuing operations improved 100 basis points (up 180 basis points currency neutral) to 50.1%.
VF also said its earnings per share from continuing operations decreased 16% to $0.97 due to a non-cash goodwill impairment charge; adjusted earnings per share from continuing operations increased 6% to $1.23.
What’s more, 2017 revenue now expected to increase about 6% on a reported basis to approximately $12.1 billion;
Also, 2017 reported earnings per share is now expected to be $2.73; adjusted earnings per share from continuing operations is now expected to be $3.01, including an additional $25 million, or $0.05 per share, of incremental investment, up 1% on an adjusted basis compared to 2016 adjusted earnings per share of $2.98.
According to CEO Steve Rendle, “VF’s third quarter results were strong, fueled by accelerated momentum across the company’s international and direct-to-consumer platforms and our Outdoor and Action Sports and Workwear businesses,
“Based on the strength of our third quarter performance and the stronger growth trajectory we see for the remainder of 2017, we are again increasing our full year outlook and making additional growth-focused investments aimed at accelerating growth and value creation into 2018 and beyond."
Shares changed hands Monday morning at $70.46, better by $4.08, or 6.2%, than Friday’s close.
