VF Corp (VFC) Shares Get a Boost From Q1 Earnings Beat

VF Corp (NYSE:VFC) unveiled its latest quarterly earnings results on Friday, which sent shares soaring as the company topped analysts’ expectations.

VF Corp (VF)The company — which owns clothing brands such as The North FaceVans and Timberland — said today that for its fiscal first quarter of 2019 it brought in net income of about $160.4 million, amounting to roughly 40 cents per share. The figure was ahead of its year-ago net income of $109.9 million, or 27 cents per share.

On an adjusted basis, VF Corp brought in earnings of 43 cents per share, which topped the 33 cents per share that analysts were calling for, according to data compiled by FactSet. On the revenue front, the company raked in sales of $2.788 billion, well ahead of its year-ago total of $2.268 billion.

The Wall Street consensus estimate was forecasting revenue of $2.679 billion, according to data compiled by FactSet. The company also increased its outlook for the full fiscal year 2019 as it now sees revenue to be in the range of $13.6 billion to $13.7 billion, ahead of its previous outlook, which was in the range of $13.45 billion to $13.55 billion.

VF Corp added that its earnings for the period is slated to be in the range of $3.52 to $3.57 per share, also better than its prior guidance that was in the range of $3.48 to $3.53 per share.

VF shares were up about 4.5% on Friday thanks to the company’s quarterly earnings beat.

Article printed from InvestorPlace Media, https://investorplace.com/2018/07/vf-vfc/.

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