Vans parent VF Corp. upgraded to outperform from market perform at Cowen, price target raised to $106 from $96

VF Corp., , the owner of brands including Vans, Timberland, The North Face and Wrangler, said Friday it had net income of $160.4 million, or 40 cents a share, in its fiscal first quarter to end June, up from $109.9 million, or 27 cents a share, in the year-earlier period. Adjusted per-share earnings came to 43 cents, well ahead of the 33 cents consensus. Revenue rose to $2.788 billion from $2.268 billion, also ahead of the FactSet consensus of $2.679 billion. The company raised its fiscal 2019 outlook and said it now expects revenue to range from $13.6 billion to $13.7 billion, compared with prior guidance of $13.45 billion to $13.55 billion. EPS is expected to range from $3.52 to $3.57, compared with earlier guidance of $3.48 to $3.53. Shares rose 1.1% premarket and are up 20.6% in 2018 through Thursday, while the S&P 500 has gained 4.9%.

  • Jul. 20, 2018 at 7:09 a.m. ET
  • by Ciara Linnane

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