VF Corp trails expectations and treats shareholders
By FashionUnited
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VF Corp – owner of brands such as North Face, Wrangler, and Timberland - has reported first-quarter profit excluding certain items of 2.43 dollars per share, well ahead of the 2.19 per share expected by analysts. Despite the welcome treat to
shareholders, revenue came in at 2.61 billion dollars, trailing market expectations for 2.63 billion dollars.Keeping
Improved FY earnings guidance
With these figures in mind, VF Corp now anticipates its adjusted earnings for 2013 to be 10.70 dollars per share compared with 9.63 in 2012 and substantially below Zacks Consensus Estimate at 10.81 dollars per share.Thomson Reuters consensus earnings per share estimate was of 10.79 dollars.VFC has been the subject of a number of recent research reports, with analysts at TheStreet reiterating a ‘buy’ rating on shares of VF in a research note to investors on Monday. On a related note, analysts at Wedbush upgraded shares of VF to an ‘outperform’ rating and Wedbush upgraded shares of VF from a ‘neutral’ rating to an ‘outperform’. They now have a 200.00 dollars price target on the stock.
The stock opened at 178.75 in wall Street on Friday, compared against its 1-year low of 129.53 dollars and a 1-year high of 178.91.
Positive surprise history
“If we look at the company's earnings surprise history, this Zacks Rank #3 (Hold) stock has outperformed the Zacks Consensus Estimate in the past 13 quarters. The average positive surprise in the trailing 13 quarters comes to 10.3 percent,” stressed analysts at Zacks.“Apart from strong fourth-quarter results, V.F. Corp.'s growth story looks compelling. We believe that the company's sustained focus on strategic acquisitions, along with expanding global operations, bodes well for future growth,” backed up their rating at Zacks in a note to investors issued Friday.
Ahead the news, shares of VF Corporation gained sound momentum and conquered a new 52-week high of 174.76 dollars on Tuesday, Apr 23, 2013 based on the company's consistent positive trend, highlighted ‘Nasdaq’.
Optimism surrounded the stock on Thursday and Friday during the early morning trade, as the company got ready to report its first quarter results on Friday, April 26, 2013. Analysts were expecting the company to book a profit of 2.17 dollars a share, up from 1.94 dollars a year ago, advanced ‘Forbes’.
For three quarters in a row, the company has seen net income rise. The 29.9 percent year-over-year growth in net income in the most recent quarter came after the 26.8 percent profit growth in the third quarter of the last fiscal year and the 20 percent rise in the second quarter of the last fiscal year.