WASHINGTON (dpa-AFX) - V.F. Corp. (VFC) reported that its third-quarter net income attributable to the company grew 24% to $300.7 million from $242.8 million, while earnings per share increased 21% to $2.69 from $2.22 last year.
Adjusted earnings per share were $2.87, an increase of 29% over 2010 levels. Analysts polled by Thomson Reuters expected the company to report earnings of $2.57 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues rose 23% to $2.75 billion from $2.23 billion in 2010. Fifteen analysts had consensus revenue estimate of $2.63 billion for the quarter.
The company said that its board declared a quarterly cash dividend of $0.72 per share, an increase of 14%. The dividend is payable on December 19, 2011 to shareholders of record as of the close of business on December 9, 2011.
Total revenues are now expected to rise 22 to 23% in 2011, due to continued strong organic growth and the Timberland acquisition. Organic revenue growth is anticipated at approximately 13.5% in 2011, above previous guidance for growth of 12 to 13%. The full year revenue contribution from Timberland continues to be about $700 million in 2011.
For fiscal 2011, adjusted earnings are now anticipated to increase to approximately $8.15 per share, up from prior guidance for earnings of approximately $7.50 per share. The company said that its guidance includes Timberland.
Analysts expect the company to report earnings of $7.97 per share on revenues of $9.33 billion for fiscal 2011.
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