VF Corp. Q1 Profit Meets View; Lifts 2015 Earnings Outlook

(RTTNews) - VF Corp. (VFC) reported first-quarter net income of $288.71 million or $0.67 per share, compared to $297.19 million or $0.67 per share in the year-ago period.

On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

The company noted that earnings for the quarter increased 13 percent on a currency-neutral basis.

Total revenues for the quarter rose 2 percent to $2.80 billion from $2.75 billion in the year-ago period. Analysts expected revenue of $2.84 billion for the quarter.

For fiscal 2015, VF Corp. now forecasts currency-neutral earnings per share to increase by 14 percent compared to adjusted earnings per share of $3.08 in 2014. Earlier, the company expected currency neutral earnings to increase 12 percent from last year.

The company affirmed its outlook for full-year earnings per share, on a reported basis, to increase by 4 percent to $3.20, compared to adjusted earnings per share of $3.08 in 2014.

Street expects the company to report earnings of $3.21 per share for the year.

VF Corp'.s board of directors declared a quarterly dividend of $0.32 per share, payable on June 19, 2015 to shareholders of record on June 9, 2015.