V.F. Corp beats by $0.10, beats on revs; raises FY17 guidance; raises quarterly dividend 10% to $0.46/share
- Reports Q3 (Sep) earnings of $1.23 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $1.13; revenues rose 5.4% year/year to $3.51 bln vs the $3.4 bln Capital IQ Consensus.
- Gross margin from continuing operations improved 100 basis points (up 180 basis points currency neutral) to 50.1 percent.
- Co issues raised guidancefor FY17, sees EPS of ~$3.01 from $2.96, excluding non-recurring items, vs. $3.01 Capital IQ Consensus Estimate; sees FY17 revs of ~$12.1 bln from $11.85 bln vs. $11.93 bln Capital IQ Consensus Estimate.
- "Based on the strength of our third quarter performance and the stronger growth trajectory we see for the remainder of 2017, we are again increasing our full year outlook and making additional growth-focused investments aimed at accelerating growth and value creation into 2018 and beyond. VF remains committed to returning cash to shareholders as evidenced by the increase in our dividend, which is supported by the strength of our balance sheet and the confidence we have in our strategic growth plan."
- Quarterly dividend rate increased by 10 percent to $0.46 per share.
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