Apparel maker V.F. Corporation (VFC) on Friday posted better-than-expected first quarter earnings numbers and lifted its full-year profit outlook, but left its revenue forecast unchanged.
The Greensboro, NC-based company reported first quarter net income of $215.2 million, or $1.91 per share, compared with $200.7 million, or $1.82 per share, in the year-ago period. Excluding special items, adjusted profit was $1.94 per share.
Revenue surged 31% from last year to $2.56 billion.
On average, Wall Street analysts expected a smaller profit of $1.88 per share, on lower revenue of $2.44 billion.
Looking ahead, VF said it now expects full-year adjusted earnings of $9.45 per share, up from a prior outlook of $9.30 per share. Analysts currently expect $9.40 per share for the year.
V.F. Corp shares fell $2.36, or -1.5%, in premarket trading Friday.
The Bottom Line
Shares of V.F. Corp (VFC) have a 1.87% dividend yield, based on last night’s closing stock price of $154.00. The stock has technical support in the $140 price area. The shares are trading right near all-time highs.
V.F. Corporation (VFC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.