On Wednesday, Shares of Wolverine World Wide, Inc. (NYSE:WWW), lost -7.53% to $18.17.
Wolverine World Wide, stated financial results for the third quarter ended September 12, 2015. Adjusted financial results exclude restructuring and impairment and acquisition-related integration costs.
“We again delivered earnings in line with our expectations for the quarter, while ongoing to fuel our long-term planned investments,” said Blake W. Krueger, Wolverine Worldwide’s Chairman, Chief Executive Officer and President. “Our earnings performance is a testament to the power of our diversified brand portfolio and disciplined business model and our ability to deliver solid results in a challenging global macroeconomic environment. Looking ahead, the Company remains focused on accelerating the growth of our brands around the world through product innovation and deepening our consumer connections through our demand creation investment strategy.”
THIRD-QUARTER 2015 REVIEW
- Adjusted diluted earnings per share were $0.48, in line with guidance, contrast to an adjusted $0.63 per share in the preceding year. Stated diluted earnings per share were $0.44, contrast to $0.57 per share in the preceding year.
- Gross margin was 40.0%, better than projected and flat with the preceding year’s gross margin despite challenging foreign exchange headwinds.
- Adjusted operating margin of 11.9% was better than predictable but 190 basis points lower than the preceding year, due primarily to planned incremental brand investment and higher pension expense. Stated operating margin was 11.2%.
- Adjusted revenue grew 0.7% after adjusting for the impact of foreign exchange, retail store closures and termination of the Patagonia license agreement. On a stated basis, revenue was $678.9 million, a decline of 4.5% as compared to the preceding year.
- Marketing spend raised about 26% as compared to the preceding year as the Company continued its incremental demand-creation investment strategy.
- Cash and cash equivalents were $196.4 million. Net debt was $629.2 million, a reduction of $235.9 million from the same period last year.
- Inventories were $495.5 million, representing a 6.3% improvement as compared to the preceding year.
- The Company repurchased $6.7 million of its common stock in the quarter.
Wolverine World Wide, Inc. designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories. The company operates through Lifestyle Group, Performance Group, and Heritage Group segments.
Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH), declined -0.35% to $64.97, during its last trading session.
Cognizant, declared it has been named a “Market Specialist” in Robotic Process Automation (RPA) by Mindfields Consulting, a Sydney-based administration advisory firm.
Mindfields evaluated 12 leading IT/business process outsourcing service providers on a wide range of parameters — counting execution, technology and market reach capabilities, and implementation/deployment successes — to rate the maturity, experience, expertise and scale of their robotic automation initiatives. The report titled “Robotic Process Automation: Driving the next wave of cost rationalization” provides in-depth coverage of the RPA strategies being adopted by service providers to deliver value and cost savings.
Cognizant has been named a “Market Specialist” for its focus on value-driven, outcome-based solutions incorporating artificial intelligence and automation, rapid deployment and execution capabilities, and implementation strategy. Cognizant is the only service provider to receive top scores on four key evaluation parameters. These comprise establishment of dedicated RPA Center of Excellence, expertise in automation tools with live client site implementation experience, well-defined governance framework for managing, implementing, monitoring and measuring RPA-led initiatives, and alignment of C-suite executives with business unit leaders and the IT department on RPA.
Cognizant Technology Solutions Corporation provides information technology (IT), consulting, and business process services worldwide. The company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. Its consulting and technology services comprise IT strategy consulting, program administration consulting, operations improvement consulting, strategy consulting, and business consulting services; and application design and development, systems integration, enterprise resource planning, and customer relationship administration implementation services.
Finally, Shares of Och-Ziff Capital Administration Group LLC (NYSE:OZM), ended its last trade with -0.67% loss, and closed at $7.42.
Och-Ziff Capital Administration Group, plans to declare its 2015 third quarter results preceding to the opening of the New York Stock Exchange on Tuesday, November 3, 2015. Administration will host a conference call on the same day at 8:30 a.m. Eastern Time to discuss the results.
Och-Ziff Capital Administration Group LLC is a publicly owned hedge fund sponsor. The firm provides investment advisory services for its clients. It invests in equity markets across the world. The firm makes its investments in alternative markets across the world.
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