11:19 AM EDT, 05/02/2024 (MT Newswires) -- Kontoor Brands ( KTB ) shares were rising more than 9% in recent Thursday trading following its better-than-expected Q1 performance and a rise in earnings guidance.

Earlier, the company reported Q1 adjusted earnings of $1.16 per diluted share, unchanged from a year earlier.

Analysts polled by Capital IQ expected $0.91.

Revenue for the quarter ended March 30 was $631.2 million, down from $667.1 million a year earlier.

Analysts surveyed by Capital IQ expected $607.9 million.

The company said it now expects full-year 2024 adjusted EPS of $4.70 to $4.80, compared with $4.65 to $4.75 previously.

Analysts polled by Capital IQ expected $4.71.

The company said it still expects full-year 2024 revenue to be between $2.57 billion and $2.63 billion.

Analysts surveyed by Capital IQ expected $2.59 billion.

Price: 68.27, Change: +6.13, Percent Change: +9.86