VF Corp. Q2 Profit Slips, Yet Beats Street; Ups 2013 EPS View - Quick Facts

(RTTNews) - Branded lifestyle apparel maker VF Corp. (VFC) announced a decline in second-quarter GAAP net income to $138.27 million or $1.24 per share, from $155.3 million, or $1.40 per share, in the prior-year quarter.

Net income, on an adjusted basis, amounted to $142 million, or $1.27 per share in the latest period, excluding Timberland acquisition-related items of $0.03 per share in the quarter. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $1.17 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues rose 4 percent year-on-year to $2.22 billion, from $2.14 billion, driven by strength in Outdoor & Action Sports, international and direct-to-consumer businesses. Analysts estimated revenues of $2.26 billion for the quarter.

Looking ahead to 2013, adjusted earnings per share are now expected to increase to $10.85, up $0.10 from the earlier guidance of $10.75. On a GAAP basis, including an estimated $0.07 per share in Timberland acquisition-related expenses, annual earnings per share are currently projected to rise to $10.78, up $0.13 from the prior outlook of $10.65. Analysts anticipate full-year 2013 earnings of $10.85 per share.

However, 2013 revenue guidance remains unchanged, with revenues likely to increase by 6 percent to $11.5 billion, while 22 analysts project revenues of $11.53 billion for the year.