VF Corp. (VFC:NYSE)

VF Corp. announced consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's revenues were $2,093.8 million, a decline of 5% compared with $2,206.6 million in the third quarter of 2008, with foreign currency translation accounting for two percentage points of the decline. Net income attributable to the company was $217.9 million compared with $233.9 million in the prior year's quarter. Earnings per share declined to $1.94 from $2.10. The current year included a $0.17 per share combined impact from higher pension expense and foreign currency translation of $0.11 and $0.06 per share, respectively. Also impacting the comparison was a $0.07 per share benefit from unusual items in last year's third quarter. Operating income was $317.9 million compared to $351.2 million a year ago. Income before income taxes was $297.5 million compared to $326.7 million a year ago. For the first nine months, the company's revenues were $5,304.9 million, down 7% from $5,730.5 million in the prior year period. Foreign currency translation accounted for three percentage points of the decline. Net income attributable to the company was $394.4 or $3.54 per diluted share, compared to net income attributable to the company of $486.9 or $4.37 per diluted share, a year ago. A majority of the earnings per share decline was due to higher pension expense and foreign currency translation impacts of $0.36 and $0.19 per share, respectively, which together accounted for $0.55 of the $0.83 per share reduction. Operating income was $599.1 million compared to $759.2 million a year ago. Income before income taxes was $538.8 million compared to $695.5 million a year ago. Cash provided by operating activities was $263.9 million compared to $59.8 million a year ago. Capital expenditures were $57.8 million compared to $88.3 million a year ago. The company provided earnings guidance for the fourth quarter and full year of 2009. Revenue growth should accelerate in the fourth quarter primarily due to an increase in the company's owned retail store business, as well as more favorable foreign currency translation rates. In addition, operating margins should continue to expand in the quarter compared with the prior year period. For the year, the company now expects that cash flow from operations could reach $800 million this year, versus its prior guidance of $750 million. The company is strengthening its earnings guidance. The company anticipates revenues will be down about 6%, with 2% of the decline due to foreign currency translation. Earnings per share should range between $4.85 and $5.00 versus $5.42 in 2008, including a negative impact of approximately $0.70 per share in 2009 from higher pension expense and currency translation. The board of directors declared a quarterly cash dividend of $0.60 per share, an increase of $0.01 per share. The dividend is payable on December 18, 2009 to shareholders of record as of the close of business on December 8, 2009.

VF Corp. expected to Report Fiscal Year 2009 Results on February 8, 2010. This event was calculated by Capital IQ (Created on October 26, 2009).

VF Corp. reported earnings results for the third quarter of 2009. For the quarter, the company reported ex-items earnings per share of $2.11 verses $2.10 a share a year earlier. The company expected to post a 2009 profit in a range of $5.55 to $5.70 excluding a one-time charge.