WASHINGTON (dpa-AFX) - V.F. Corp. (VFC) posted fourth-quarter net income attributable to the company of $257.32 million or $2.28 per share, up from $54.22 million or $0.49 per share reported a year ago, driven by strong organic growth and Timberland acquisition.
Net income on an adjusted basis rose 34% to $262 million from $196 million in the prior year, while adjusted earnings per share increased 30% year-over-year to $2.32 per share from $1.78 per share. The company noted that the Timberland acquisition was accretive to adjusted earnings by $0.34 per share in the quarter.
On average, 19 analysts polled by Thomson Reuters expected the company to earn $2.31 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues surged 37% to $2.91 billion from $2.13 billion in the previous year, with the Timberland acquisition adding $549 million to revenues. Organic revenue growth in the quarter was 11%. Analysts anticipated revenues of $2.89 billion for the quarter.
Eric Wiseman, chairman and chief executive officer, said, 'In 2011 we achieved record revenues, record earnings and record cash flow, and we completed the transformational acquisition of Timberland. The successful execution of our key international and direct-to-consumer growth drivers has delivered healthy organic growth, strong profitability and consistent return for our shareholders this year, and we look forward to building on this momentum in 2012 and beyond.'
Going ahead, for 2012, adjusted earnings per share is expected to rise to approximately $9.30. Timberland should earn around $1.10 per share in 2012 (excluding acquisition-related expenses estimated at $0.20 per share). On a GAAP basis, earnings per share are expected to increase to about $9.10.
Further, the company stated that 2012 revenues should increase by approximately 15%, with Timberland accounting for about $1 billion of the growth. Excluding Timberland, revenues should rise by around 6%.
Analysts expect the company to earn $9.53 per share on revenues of $11.22 billion for the year.
In addition, the Board of Directors declared a quarterly cash dividend of $0.72 per share, payable on March 19, 2012, to shareholders of record as of the close of business on March 9, 2012.
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