VF Corp Q2 Earnings Beat On EPS, Miss On Revenue; Lowers 2016 Sales Outlook

By Markets MarketWatch Pulse

VF Corp. beat second-quarter earnings expectations but missed on revenue. Earnings for the latest quarter dropped to $51.0 million, or 12 cents per share, from $170.8 million, or 40 cents per share, in the same period a year ago. The latest results include a $97 million loss on the company's "contemporary brands" business, which it agreed to sell in the second quarter. Adjusted earnings-per-share were 35 cents, compared with the FactSet consensus of 34 cents. Revenue rose to $2.45 billion from $2.43 billion, missing the FactSet consensus of $2.52 billion. VF Corp.'s chief executive officer Eric Wiseman said results were in line with expectations "despite a challenging environment with mixed economic and currency conditions around the world." The company revised its outlook of a mid-single-digit percentage revenue increase for 2016 to an increase of 3% to 4%. VF Corp. shares were down 1.4% over the last three months, compared with a 3.5% rise in the S&P 500 .

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