VF Corporation (NYSE:VFC) earnings were released early in the day on Friday and the company had an impressive quarter that helped to lift its stock more than 10% throughout the course of the day.
The apparel giant — which is responsible for developing Vans shoes and North Face jackets — posted its third quarter results for the current quarter, which included adjusted earnings of $1.43 per share. The figure was stronger than the $1.32 per share that the Wall Street consensus estimate called for, according to data compiled by Bloomberg.
VF Corporation added that its revenue for the period tallied up to $3.91 billion, which also came in ahead of the $3.75 billion that analysts were projecting, according to data compiled on a Bloomberg survey. The apparel maker added that its active-brand segment impressed during the period, surging 16% compared to the year-ago period, thanks in large part to a 25% year-over-year increase in sales from its Vans products.
The positive quarter led to the company increasing its full-year adjusted earnings forecast to now be roughly $3.73 per share, which is higher than the $3.70 per share that Wall Street is calling for. VF Corporation also updated its 2019 revenue outlook to now be roughly $13.8 billion at a minimum, which is higher than the Wall Street midpoint guidance of $3.76 billion.
VFC stock is skyrocketing roughly 12.8% on Friday following the apparel company’s impressive third-quarter earnings showing.