V F (VFC) Q3 FY2024 earnings: revenue $2.8 billion, down 21.3% on the year

V F Corp. (VFC) reported revenue of $2.8 billion for Q3 FY2024, the quarter ended 30 December 2023, down 21.3% on the same quarter a year earlier. Net income was -$42 million, and diluted earnings per share $-0.11. The figures are the company's own, from the 10-Q it filed with the SEC on 7 February 2024.

Revenue$2.8 billiondown 21.3%

Net income-$42 million

Diluted EPS$-0.11

QuarterQ3 FY2024ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	2,780	2,920	n/a	n/a
Cost of revenue	1,261	1,430	n/a	n/a
Gross profit	1,519	1,490	n/a	n/a
Gross margin	54.6%	51.0%	n/a
Selling, general and administrative	1,353	1,139	n/a	n/a
Operating income	-91.2	351	n/a	n/a
Operating margin	-3.3%	12.0%	n/a
Interest expense	67.5	60.5	n/a	n/a
Pre-tax income	-111	307	n/a	n/a
Income tax	-19.6	759	n/a	n/a
Effective tax rate	n/a	247.0%	n/a
Net income	-42.5	-451	n/a	n/a
Net margin	-1.5%	-15.4%	n/a
Diluted EPS	-$0.11	-$1.16	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	1,125	-183	n/a	n/a
Capital expenditure	23.3	34.6	n/a	n/a
Free cash flow	1,102	-217	n/a	n/a
Free cash flow margin	39.6%	-7.4%	n/a
Cash from investing	-42.3	-59.2	n/a	n/a
Cash from financing	-610	-54.0	n/a	n/a
Depreciation and amortisation	88.8	75.6	n/a	n/a
Share-based compensation	16.5	19.4	n/a	n/a
Dividends paid	35.0	117	n/a	n/a
Dividend per share	$0.09	$0.30	n/a	n/a
Diluted shares, weighted	388m	388m	n/a	n/a
Shares outstanding at period end	389m	389m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	2,109	2,210	n/a	n/a
Short-term borrowings	452	1,023	n/a	n/a
Debt	4,755	5,657	n/a	n/a
Operating lease liabilities	1,134	1,122	n/a	n/a
Other liabilities	4,166	3,131	n/a	n/a
Total liabilities and equity	12,616	13,142	n/a	n/a
Goodwill	1,724	1,961	n/a	n/a
Intangible assets	2,637	2,631	n/a	n/a
Cash and equivalents	988	499	n/a	n/a
Receivables	1,314	1,890	n/a	n/a
Inventory	2,148	2,481	n/a	n/a
Other assets	3,806	3,681	n/a	n/a
Total assets	12,616	13,142	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	2,920	2,780	2,374	1,769	2,758	2,834	2,144	1,761	2,803	2,876	2,166	1,669
Cost of revenue	1,430	1,261	1,225	863	1,317	1,239	1,001	812	1,340	1,247	944	752
Gross profit	1,490	1,519	1,149	906	1,441	1,595	1,142	949	1,462	1,628	1,222	917
Gross margin	51%	55%	48%	51%	52%	56%	53%	54%	52%	57%	56%	55%
SG&A	1,139	1,353	1,254	1,029	1,167	1,318	1,177	1,036	1,150	1,309	1,160	1,000
Operating income	351	-91.2	-356	-123	274	226	-72.9	-86.6	313	289	61.5	-83.1
Operating margin	12%	-3%	-15%	-7%	10%	8%	-3%	-5%	11%	10%	3%	-5%
Interest expense	60.5	67.5	61.8	59.2	46.4	43.3	25.2	43.6	49.6	39.7	33.8	30.4
Pre-tax income	307	-111	-410	-165	231	197	-117	-127	268	363	-163	-107
Tax rate	247%	n/a	n/a	n/a	12%	14%	n/a	n/a	29%	17%	n/a	n/a
Net income	-451	-42.5	-418	-259	52.2	168	-151	-116	190	301	-119	-97.2
Net margin	-15%	-2%	-18%	-15%	2%	6%	-7%	-7%	7%	10%	-6%	-6%
Diluted EPS	-$1.16	-$0.11	-$1.08	-$0.67	$0.13	$0.43	-$0.39	-$0.30	$0.48	$0.76	-$0.30	-$0.25
Operating cash flow	-183	1,125	-91.2	19.8	-302	918	-171	-145	-227	1,010	33.3	-62.5
Capital expenditure	34.6	23.3	26.2	23.8	20.8	18.3	22.0	28.2	26.5	32.6	27.4	39.6
Free cash flow	-217	1,102	-117	-3.9	-322	900	-193	-174	-254	978	5.9	-102
Dividends paid	117	35.0	35.0	35.0	35.0	35.0	35.1	35.1	35.2	35.2	35.2	35.4
Shares outstanding	389m	389m	389m	389m	389m	390m	390m	391m	391m	391m	392m	393m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 December 2023, filed 7 February 2024, accession 0000103379-24-000003: the filing on EDGAR. All of V F Corp.'s filings: EDGAR company page.

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