{"id":8050,"date":"2023-11-01T11:09:58","date_gmt":"2023-11-01T11:09:58","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/v-f-corp-plunges-10-on-q2-eps-miss-guidance-withdrawal-dividend-cut\/"},"modified":"2023-11-01T11:09:58","modified_gmt":"2023-11-01T11:09:58","slug":"v-f-corp-plunges-10-on-q2-eps-miss-guidance-withdrawal-dividend-cut","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8050","title":{"rendered":"V.F. Corp plunges 10% on Q2 EPS miss, guidance withdrawal & dividend cut"},"content":{"rendered":"
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\u00a9 Reuters. V.F. Corp plunges 10% on Q2 EPS miss, guidance withdrawal & dividend cut<\/span>
\n<\/i>\n<\/div>\n

V.F. Corp. (NYSE:) shares dropped more than 10% after-hours following the company\u2019s reported Q2 EPS miss, guidance withdrawal, and dividend cut.<\/p>\n

Q2 EPS came in at $0.63, compared to the consensus estimate of $0.65. Revenue fell 2% (down 4% in constant currency) to $3 billion, slightly above the consensus estimate of $2.99B.<\/p>\n

The company launched Reinvent, a program aimed at bolstering brand-building efforts and enhancing operational performance to help the company reach its full potential. The initial stages of this transformation program encompass four main objectives: Improve North America results, deliver the Vans turnaround, reduce costs, and strengthen the balance sheet.<\/p>\n

\u201cDespite pockets of continued strong performance throughout the first half and solid profit margins in the second quarter, it’s not enough and we are not making sufficient progress at Vans or in the US. Our transformation plan, Reinvent, directly addresses these areas in particular and importantly, commits to lowering our cost structure by $300 million,\u201d said CFO Matt Puckett.<\/p>\n

The company also withdrew its fiscal 2024 revenue and earnings outlook and updated its 2024 free cash flow guidance, which is expected to be approximately $600M, compared to the previous guidance of approximately $900M.<\/p>\n

Furthermore, the company\u2019s Board of Directors declared a quarterly dividend of $0.09 per share, reflecting a 70% decrease from the previous quarter’s dividend.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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