Wolverine World Wide (NYSE:WWW) grew its profits by a stronger-than-expected 27% during its fiscal third quarter, encouraging the footwear maker to hike its full-year guidance.

The Rockford, Mich.-based company said it earned $34.1 million, or 70 cents a share, in the quarter ended September 11. A year earlier the company earned $26.8 million, or 54 cents a share. 

Analysts had projected EPS of 67 cents.

Revenue jumped 12% to $320.4 million, nearly matching the Street’s view of $320.7 million. Gross margins came in at 40.1%, down slightly from the year-earlier level of 40.2%.

Looking ahead, Wolverine World Wide projected full-year non-GAAP EPS of $2.04 to $2.08. The company sees revenues rising 9% to 10.8%, translating to $1.2 billion to $1.22 billion.

Analysts had been forecasting full-year EPS of $2.08 on revenue of $1.21 billion.

“We are very optimistic about the future, as the first three quarters of 2010 have signaled a return to accelerated growth for our company,” CEO Blake Krueger said in a statement. "While the consumer recovery is not as robust or as steady as many predicted, we continue to be encouraged by the eagerness with which both our retail partners and consumers are embracing our global lifestyle brands.”

However, shares of Wolverine took a hit in the wake of the earnings beat and new guidance, falling 2.8% to $28.01 ahead of Tuesday’s open. The stock had been up 5.8% year-to-date as of Monday’s close.