Wolverine World Wide, Inc. (WWW) reported fourth quarter results and 2011 guidance that topped Wall Street’s expectations today, pushing shares way up.
The outdoor and work footwear company posted an adjusted profit of $0.52 per share, which is a company record for a single quarter. The total beat last year’s Q4 figure by 16%, and easily topped the consensus estimate of $0.46 per share. Revenue came in at $385.0 million, which was also a company record that beat Wall Street’s view ($355.9 million) with ease.
For 2011, the company sees earnings of $2.35 to $2.45 per share on $1.35 to $1.39 billion in revenue, way ahead of the EPS ($2.27) and sales ($1.30 billion) figures currently expected by analysts.
Shares of WWW rose as high as $34.89 (+9.43%) in the first half of today’s session, where they feature a 1.26% dividend yield.
Wolverine had raised its dividend for 15 consecutive years before holdings its payout flat for the past two. With its forward payout ratio now below 20% — even based on the low end of the 2011 EPS range given today — I wouldn’t be surprised to see the company return to its dividend-increasing ways in the very near future.