Earnings ·
Kontoor Brands raises full-year adjusted EPS outlook to $5.40 and plans $450M share buyback
KTBKontoor Brands, Inc.
Kontoor Brands reported third-quarter revenue of $685 million, a 3 percent increase year-over-year, driven by growth in its Wrangler and Helly Hansen brands. Adjusted diluted earnings per share from continuing operations rose 40 percent to $1.50, while adjusted operating income increased 6 percent to $101 million. The company successfully completed the divestiture of its Lee business, receiving $698 million in net proceeds. Consequently, Kontoor raised its full-year adjusted EPS outlook to $5.40 from a previous range of $5.25 to $5.35 and announced plans to repurchase $450 million of common stock in the fourth quarter, including a $400 million accelerated share repurchase program. The company also declared a quarterly cash dividend of $0.54 per share. Kontoor Brands is a global apparel company that owns the Wrangler and Helly Hansen brands.