ROCKFORD, Mich. (AP) _ Wolverine World Wide Inc. (WWW) on Wednesday reported first-quarter net income of $45.8 million.
The Rockford, Michigan-based company said it had profit of 48 cents per share. Earnings, adjusted for non-recurring costs, came to 50 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The footwear maker posted revenue of $534.1 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $531.4 million.
Wolverine expects full-year earnings in the range of $2 to $2.10 per share, with revenue in the range of $2.24 billion to $2.32 billion.
Wolverine shares have decreased 6.5 percent since the beginning of the year. The stock has risen 24 percent in the last 12 months.