VF Corporation reported second-quarter adjusted earnings of $1.26 per diluted share on Friday missing the average of analyst estimates at $1.31 per diluted share.

As a result, the company’s stock dropped as much as 10.3% on Friday, the biggest decline since October 2018. Shares for the company closed at $84.15 Friday, down $6.67.

The company reported revenue of $3.39 billion falling short of the $3.42 billion estimated by analysts.

VF declared a quarterly dividend of 48 cents per share, a 12 percent increase over the previous quarter’s dividend. The dividend will be payable on Dec. 20.

The adjusted amounts exclude transactions and deal-related expenses related to the acquisition of the IceBreaker and Altra brands, costs related to the relocation of VF Corp’s headquarters and the impact of recent Swiss tax legislation.

CEO Steve Rendle said the company is facing “an increasingly uncertain geopolitical and macroeconomic environment” which could have played a role in the company missing its estimates.

VF is still expecting an approximate adjusted revenue of $11.8 billion and adjusted earnings per share in the range of $3.32 and $3.37 for the 2020 fiscal year.

VF Corporation is a worldwide apparel and footwear company that recently moved its headquarters to Denver from North Carolina.