By Ben Fox Rubin
VF Corp.'s (VFC) third-quarter earnings rose 14% as the maker of North Face and Wrangler apparel reported stronger sales in its main outdoor and sports business.
The company also unveiled a four-for-one stock split, as well as a 21% boost in its current quarterly dividend to $1.05 a share.
The company, which has posted stronger revenue since its 2011 acquisition of the Timberland brand, reported a profit of $433.8 million, or $3.89 a share, up from $381.3 million, or $3.42 a share, a year earlier. Excluding Timberland acquisition-related costs, earnings rose to $3.91 a share from $3.52.
Revenue was up 4.7% to $3.3 billion.
Analysts surveyed by Thomson Reuters recently expected earnings of $3.78 a share on revenue of $3.34 billion.
Sales at the outdoor and action-sports segment, the largest contributor to revenue, rose 6.5% to $1.97 billion. In its jeanswear business sales were up 4%. Revenue for Timberland grew 2%.
Shares of the company, which backed its full-year outlook, closed at $204.30 on Friday and were inactive premarket. The stock is up 35% so far this year.
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(END) Dow Jones Newswires
October 21, 2013 07:37 ET (11:37 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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