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Wolverine World Wide profit beats consensus by 24.4% in fiscal Q2

Wolverine World Wide Inc. said its normalized net income for the fiscal second quarter ended June 20 came to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS declined 9.7% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $25.4 million, a decline of 8.3% from $27.7 million in the year-earlier period.

The normalized profit margin declined to 4.0% from 4.5% in the year-earlier period.

Total revenue increased year over year to $630.1 million from $613.5 million, and total operating expenses rose from the prior-year period to $578.8 million from $558.5 million.

Reported net income declined 10.0% year over year to $24.4 million, or 24 cents per share, from $27.1 million, or 27 cents per share.