WASHINGTON (dpa-AFX) - VF Corp. (VFC) posted a rise in first quarter profit to $215.22 million or $1.91 per share from $200.7 million or $1.82 per share a year ago.
Adjusted earnings per share increased 7% year-over-year to $1.94 per share, including $0.12 per share accretion from Timberland.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.87 per share. Analysts' estimates typically exclude special items.
Revenues rose 31% to $2.56 billion from $1.96 billion a year ago, with Timberland adding $356 million to revenues. Organic revenue growth in the quarter was 12%, slightly stronger than anticipated due in part to earlier shipments and stronger sales of seasonal products. Analysts expected revenues of $2.45 billion.
'Our excellent first quarter performance spotlights our success in driving brand growth across our portfolio and the ability of VF's diversified business model to deliver healthy, sustainable growth on both the top and bottom lines,' said Eric Wiseman, VF Corporation Chairman and Chief Executive Officer.
Looking ahead to the second quarter, the company said earnings per share comparisons will be particularly challenging due to several factors. Those factors are expected to negatively impact second quarter earnings comparisons by a combined $0.36 per share.
Based on strong first quarter results, the company now sees adjusted earnings per share in 2012 rise to approximately $9.45 per share, up $0.15 from the $9.30 per share guidance provided on February 16. The expected earnings contribution from Timberland in 2012 remains at approximately $1.10 per share.
Revenue guidance for 2012 remains unchanged, with revenues expected to rise by approximately 15% to $10.9 billion, with Timberland accounting for approximately $1 billion of the growth. Excluding Timberland, revenues should rise by approximately 6%. Analysts expect the company to earn $9.40 per share, on revenues of $11.02 billion.
Further, the Board of Directors declared a quarterly cash dividend of $0.72 per share, payable on June 18, 2012 to shareholders of record as of the close of business on June 8, 2012.
Copyright RTT News/dpa-AFX
© 2012 AFX News
