VF Corp. Q3 Profit Beats Estimates; Board Approves Four-for-one Stock Split

(RTTNews) - VF Corp. (VFC) reported third-quarter net income to company of $433.76 million or $3.89 per share, compared to $381.32 million or $3.42 per share, last year. Adjusted income for the quarter was $435.97 million or $3.91 per share.

On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $3.78 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $3.30 billion, compared to $3.15 billion, a year ago. Analysts expected revenue of $3.34 billion for the quarter. Net sales were $3.27 billion, compared to $3.12 billion, prior year.

The company continues to expect full year 2013 revenues to approximate $11.5 billion. Full year adjusted earnings per share guidance remains at $10.85, and $10.78 on a GAAP basis. Analysts expect the company to report full year adjusted per share of $10.95 on revenue of $11.52 billion.

VF Corp. announced that its Board has approved a four-for-one split of the company's shares of common stock to be payable in the form of a stock dividend. Shareholders of record as of the close of business on Dec. 10, 2013 will receive three additional shares of common stock for each share of common stock they own, payable on Dec. 20, 2013. The company expects the New York Stock Exchange to begin reporting the adjusted number of shares outstanding and adjusted per-share stock price on Dec. 23, 2013.

Upon completion of the split, the number of issued and outstanding shares of VF common stock will increase from approximately 110 million to approximately 440 million. In connection with the stock split, the Board amended VF's Articles of Incorporation to increase the number of authorized shares of common stock from 300 million to 1.2 billion and reduce the stated value applicable to the common stock from $1.00 per share to $0.25 per share.

On a pre-split basis, VF's Board declared a quarterly dividend of $1.05 per share, reflecting an $0.18 or 21 percent increase over the previous quarter's dividend.