VF Corp (NYSE:VFC) rocketed Friday morning, after the company reported financial results for its third quarter ended December 29, 2018.
VF, based in Greensboro, North Carolina, revealed that revenue from continuing operations increased 8% (up 10% in constant dollars) to $3.9 billion; excluding acquisitions net of divestitures, revenue increased 7% (up 9% in constant dollars).
Gross margin from continuing operations increased 40 basis points to 51.9%; on an adjusted basis, gross margin increased 60 basis points to 52.2%.
Earnings per share from continuing operations was $1.16. Adjusted earnings per share from continuing operations increased 30% (up 31% in constant dollars) to $1.31, including a one-percentage point earnings growth contribution from acquisitions net of divestitures.
Operating income on a reported basis was $592 million. On an adjusted basis, operating income increased 30% to $656 million, including a $7-million contribution from acquisitions net of divestitures.
According to CEO Steve Rendle, "VF's third quarter results were fueled by strong growth in our largest brands and balanced growth across the core dimensions of our portfolio.
"Based on the strength of our third-quarter performance and the growth trajectory we see for the remainder of fiscal 2019, we are again increasing our full-year outlook, including an additional $45 million of growth-focused investments aimed at accelerating growth and value creation into fiscal year 2020.
Rendle concludes, "We remain sharply focused on executing our integrated growth strategy and transforming VF into a purpose-led, performance-driven enterprise committed to delivering superior returns to shareholders."
Shares popped $9.09, or 12.4%, to $82.35
