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Wolverine World Wide profit misses consensus by 16.6% in fiscal Q3

Wolverine World Wide Inc. said its normalized net income for the fiscal third quarter ended Sept. 10 came to 40 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS declined 9.1% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $38.5 million, a decrease of 13.1% from $44.3 million in the prior-year period.

The normalized profit margin fell to 6.4% from 6.5% in the year-earlier period.

Total revenue fell 11.1% on an annual basis to $603.7 million from $678.9 million, and total operating expenses decreased 10.8% on an annual basis to $533.5 million from $598.2 million.

Reported net income grew 6.5% from the prior-year period to $47.5 million, or 49 cents per share, from $44.6 million, or 44 cents per share.