Outdoor Financials: VF raises 2nd quarter outlook, plus Dick’s Sporting Goods, Garmin - SNEWS

Outdoor Financials: VF raises 2nd quarter outlook, plus Dick’s Sporting Goods, Garmin

VF Corp raised its 2nd-quarter outlook, an analyst upgraded Dick's Sporting Goods, and Garmin completed the purchase of its Finland distributor.
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VF Corp raises 2nd-quarter outlook

VF Corp (NYSE: VFC) raised its second-quarter earnings outlook on Monday, causing its shares to rise nearly 5 percent in extended trading.

VF, which owns The North Face, Vans and Wrangler brands, said earnings would rise by 10 percent to 20 percent over its previously issued view of 80 cents per share for the second quarter. The company cited stronger earnings from operations and a favorable benefit from resolving various tax matters.

Analysts expected profit of 80 cents a share for the period, according to Reuters Estimates.

Shares of VF rose to $74.60 in extended trading from their close of $71.18 on the New York Stock Exchange, where the stock had fallen 1.3 percent.

Analyst upgrades Dick's Sporting Goods

A Needham & Co. analyst raised his rating on Dick's Sporting Goods Inc. (NYSE: DKS) on Monday and said the recent sell-off of the sporting-goods retailer's stock is overdone.

Since the beginning of the year, the stock has slid 35 percent. In May, the company reported first-quarter results and an outlook below analyst expectations.

Analyst Sean McGowan said Dick's current share price does not take into account the long-term prospects for the Pittsburgh-based retailer.

"We believe Dick's is the one of the best operators of sporting goods stores in the country, and it consistently performs better than most of its competitors," he wrote.

McGowan raised his rating to "Buy" from "Hold" with a $28 share price target.

Shares fell 8 cents to $17.97 in afternoon trading.

Garmin completes purchase of Finland distributor

Garmin Ltd. (Nasdaq: GRMN) has completed its purchase of NavCor Oy, its products distributor in Finland.

Financial terms of the acquisition, which Garmin announced in March, weren't disclosed. NavCor now is called Garmin Suomi Oy and will keep its management, sales, marketing and supporting staff and continue operations at its current headquarters and warehouse facility in Lohja, Finland.

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