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V.F. Corp. (VFC) Tops Q3 Earnings Estimates, Ups 2017 View

V.F. CorporationVFC posted third-quarter 2017 results, wherein earnings of $1.23 per share topped the Zacks Consensus Estimate of $1.12. Also, the bottom line rose 6% year over year and 10% on a currency-neutral basis.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has increased by a penny in the past seven days. Further, in the trailing four quarters, excluding quarter under review, the company has outpaced the Zacks Consensus Estimate by an average of 0.7%.

V.F. Corporation Price, Consensus and EPS Surprise

V.F. Corporation Price, Consensus and EPS Surprise | V.F. Corporation Quote

Revenues: V.F. Corp. generated total revenue, including royalty income, of $3,508.8 million that increased about 5% year over year and surpassed the Zacks Consensus Estimate of $3,413 million. Net sales of $3,481.2 million also advanced 6% from the prior-year quarter. On a currency neutral basis, revenues jumped 4%.

Key Events: V.F. Corp. had $4.2 billion remaining under its share repurchase authorization as at the end of the third quarter. Further, the company declared a quarterly dividend of 46 cents per share, which shows 10% hike from its prior quarterly dividend. This is payable on Dec 18, 2017, to shareholders with record as on Dec 8.

On Apr 28, 2017, V.F. Corp. completed the sale of its Licensed Sports Group business that consists of the Majestic brand, to Fanatics, Inc.

On Aug 26, 2016, V.F. Corp. concluded the sale of its Contemporary Brands businesses, which included the 7 For All Mankind, Splendid and Ella Moss brands, to Delta Galil Industries Ltd. Thereafter, the company recorded all results from this business under discontinued operations.

Outlook: Based on solid third-quarter results, the company raised its outlook for full-year 2017. The company expects revenue of nearly $12.1 billion, an increase of 6% on a reported basis and a 5.5% growth on a currency-neutral basis. The company now envisions adjusted earnings per share for 2017 to be $3.01 per share, marking 1% growth from the prior-year quarter on a reported basis and up 6% on a currency-neutral basis. This compares to the company's previous guidance range of $2.96 per share.

Zacks Rank: Currently, V.F. Corp. carries a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Stock Movement: V.F. Corp. shares jumped nearly 4% in the pre-market trading hours following the earnings release. Investors developed a positive sentiment following the company's better-than-expected results and raised 2017 view.

Check back later for our full write up on V.F. Corp.'s earnings report!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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