VFC Stock Tumbles Despite Q2 Earnings Beat

VFC stock (NYSE:VFC) is down more than 9% late in the day even though the company reported its latest quarterly earnings results, which came in ahead of what Wall Street was calling for.

VFC Stock

The company said that for its third quarter of fiscal 2018, it brought in net income of $507.1 million, or $1.26 per share. The figure was an improvement over the net income of $386.1 million, or 97 cents per share from its third quarter of fiscal 2017.

On an adjusted basis, VF Corp said that its earnings tallied up to $1.43 per share, which was stronger than the $1.33 per share that analysts were calling for, according to data compiled by FactSet. Revenue was also strong as it rose to $3.907 billion from its sales of $3.392 billion during the year-ago quarter.

Analysts were calling for the company to bring in revenue of $3.865 billion, according to data compiled by FactSet. VF Corp — which owns brands such as Vans, The North Face and Timberland, said that earnings were driven largely by core brands in its international and direct-to-consumer platforms and work businesses.

The company now sees its fiscal 2019 as bringing in adjusted earnings of $3.65 per share, while revenue is slated to come in at around $13.7 billion. Analysts see these figures as being earnings of $3.63 per share and revenue of $13.709 billion.

VFC stock is down about 9.5% on Friday despite the company’s strong quarterly earnings showing.

Article printed from InvestorPlace Media, https://investorplace.com/2018/10/vfc-stock-vf/.

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