V.F. CorporationVFC posted first-quarter 2016 results, wherein earnings of 61 cents a share beat the Zacks Consensus Estimate of 59 cents but fell 9% from year-ago period. On a currency neutral basis, earnings per share remained flat.
On a currency neutral basis, earnings per share is expected to witness an increase of 11% (up 5% reported) compared with an adjusted earnings of $3.08 registered in 2015.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 and 2017 has declined over the last 7 days. Further, we observe that V.F. Corp. witnessed a positive earnings surprise of 3.4% in the quarter under review after two back to back quarters of negative earnings surprises.
Revenues: V.F. Corp. generated total revenue of $2,839.3 million that remained almost in line with the prior-year quarter but came ahead of the Zacks Consensus Estimate of $2,834 million. On currency neutral basis revenue was up 2%.
Management expects revenue to increase at a mid-single-digit percentage rate, comprising approximately one percentage point of adverse impact from changes in foreign currency.
Zacks Rank: Currently, V.F. Corp. carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
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