The Directors of Wolverine World Wide Inc. declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable on August 1, 2013 to stockholders of record on July 1, 2013. The dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.48 per share.

Wolverine World Wide Inc. announced unaudited consolidated earnings results for the first quarter ended March 23, 2013. For the quarter, the company reported revenue of $645.9 million, operating profit of $50.9 million, earnings before income taxes of $37.7 million and net earnings attributable to company of $29.8 million or $0.60 per diluted share compared to revenue of $322.8 million, operating profit of $37.0 million, earnings before income taxes of $35.6 million and net earnings attributable to company of $31.2 million or $0.64 per diluted share reported in the same period last year. The company ended the quarter with net debt of $1.176 billion. Net cash used in operating activities was $89.3 million against $64.4 million and additions to property, plant and equipment were $5.3 million against $2.7 million reported last year. Adjusted for the $0.21-per-share impact from nonrecurring transaction and integration expenses, fully diluted earnings for the quarter were a record $0.81 per share, an increase of 26.6% versus the prior year's reported $0.64 per share. The company is updating its full-year guidance, with revenue expected in the range of $2.7 to $2.775 billion growth in the range of 6.0% to 9.0% compared to prior year pro forma revenue of $2.547 billion and adjusted earnings per share expected in the range of $2.50 to $2.65 per share -- growth in the range of 9.2% to 15.7% compared to prior year adjusted earnings per share of $2.29. The prior year's earnings included $0.19 per share of non-recurring tax benefits. On a reported basis, earnings per share are expected in the range of $2.05 to $2.20 per share. The company expects capital expenditures in the range of $40 million to $50 million and adjusted EBITDA in the range of $330 million to $345 million. For the second quarter, the company expects revenue in a range of $580 million to $600 million, with growth in the range of 4.1% to 7.7% versus prior year pro forma revenue of $557.1 million. The company is forecasting earnings in the range of $0.31 to $0.35 per share.

Wolverine World Wide Inc., Q1 2013 Earnings Call, Apr 16, 2013