These Analysts Cut Their Forecasts On Wolverine World Wide After Q2 Results
Portfolio Pulse from Lisa Levin
Wolverine World Wide, Inc. (NYSE:WWW) reported Q2 earnings in line with expectations but lowered its FY23 guidance. The company's Q2 revenues were $589.10 million, beating the analyst consensus of $579.97 million, but declined 17.4% YoY. The company slashed its FY23 revenue outlook from $2.53 billion-$2.58 billion to $2.26 billion-$2.28 billion. The FY23 adjusted EPS outlook was also lowered from $1.40-$1.60 to $0.45-$0.55. Following the earnings announcement, several analysts cut their price targets on the company's stock.
August 11, 2023 | 11:39 am
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Wolverine World Wide reported Q2 earnings in line with expectations but lowered its FY23 guidance, leading to a drop in its stock price and several analysts cutting their price targets.
Wolverine World Wide's lowered FY23 guidance is a negative signal to investors, indicating that the company expects lower revenues and earnings than previously forecasted. This has led to a drop in the company's stock price and several analysts cutting their price targets, indicating a negative short-term impact on the stock.
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