VF Corp Misses Estimates; Shares Fall (VFC)

Before the opening bell on Friday morning, VF Corp (VFC) reported its fourth quarter earnings, posting higher revenues and earnings from last year’s Q4, but still missing analysts’ expectations.

VFC’s Earnings in Brief

VFC reported fourth quarter revenues of $3.258 billion, which are up 9% from last year’s Q4 revenues of $3.003 billion. Net income for the quarter came in at $367.7 million, up 10% from the $334 million reported for last year’s Q4. VF Corp reported Q4 EPS of 82 cents, up 9% from the 75 cents reported for last year’s Q4. VFC missed analysts’ EPS estimates of 84 cents, and came in slightly below revenue views of $3.34 billion. Looking ahead to FY2014, VFC sees EPS in the range of $3 to $3.05, which is below analysts’ expectations of $3.09.

CEO Commentary

VF’s chairman and CEO, Eric Wiseman, had the following to say about the company’s earnings: "2013 was a terrific year for VF with record gross margin and earnings per share. The combined power of our brands and platforms remains our greatest competitive advantage enabling us to push the envelope on product innovation to connect even more intensely with consumers and providing stellar returns to our shareholders.”

VFC Declares Dividend

VF Corp declared its quarterly dividend of 26.25 cents, which is payable on March 20, 2014 to all shareholders on record as of March 10.

Stock Performance

VFC stock was down $3.59, or 5.99%, in pre-market trading. YTD, the company’s stock is down 3.99%.