Wolverine World Wide Sees FY24 Revenues Of $1.71B-$1.73B Vs. $1.73B Estimate (Prior View: $1.68B-$1.73B); Sees Adjusted Diluted EPS Of $0.75-$0.85 Vs. $0.81 Estimate (Prior View: $0.65-$0.85)

Author: Benzinga Newsdesk | August 07, 2024 06:38am

For Fiscal year 2024, the Company currently expects:

• Revenue from its ongoing business to be approximately $1.71 to $1.73 billion. This range compares to the previous outlook of approximately $1.68 to $1.73 billion and represents a decline of approximately 14.2% to 13.2% and a constant currency decline of approximately 14.1% to 13.1% compared to 2023.
• Gross margin of approximately 44.5%, up 460 basis points compared to 2023, which remains unchanged from the previous outlook.
• Operating margin to be approximately 6.0 % and adjusted operating margin to be approximately 7.4%, up 350 basis points compared to 2023. This compares to the previous operating margin outlook of approximately 5.7% and adjusted operating margin of approximately 7.0%.
• The effective tax rate to be approximately 18.5%, as compared to the previous outlook of 18.0%
• Diluted earnings per share in the range of $0.53 to $0.63 and adjusted diluted earnings per share in the range of $0.75 to $0.85. This compares to the previous outlook for diluted earnings per share in the range of $0.43 to $0.63 and adjusted diluted EPS between $0.65 and $0.85. These full-year EPS expectations continue to include an approximate $0.10 negative impact from foreign currency exchange rate fluctuations.
• Diluted weighted average shares of approximately 80 million, unchanged from previous guidance.
• Inventory to decline by at least $75 million at year end compared to the prior year end, unchanged from previous guidance.
• Net Debt at year end to be approximately $565 million, a reduction of $175 million from the prior year end, unchanged from previous guidance

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