Under Armour clothing on a display in a sporting good store.
Justin Sullivan | Getty Images
Under Armour shares soared in premarket trading Tuesday after the retailer reported fiscal third-quarter earnings and sales that trounced analysts’ estimates.
That prompted Under Armour to raise its expectations for the full year.
The company’s stock was recently up around 10%.
Here’s how Under Armour did compared with what analysts polled by Refinitiv were expecting:
- Earnings per share: 31 cents adjusted vs. 15 cents expected
- Revenue: $1.55 billion vs. $1.48 billion expected
Net income for the three-month period ended Sept. 30 rose to $113.4 million, or 24 cents per share, compared with $38.9 million, or 9 cents a share, a year earlier. Excluding one-time items, Under Armour earned 31 cents per share, more than double the 15 cents per share that analysts expected.
Revenue rose 8% to $1.55 billion from $1.43 billion a year earlier. Analysts had anticipated sales of $1.48 billion.
For fiscal 2021, Under Armour said earnings per share will reach about 74 cents, on an adjusted basis, compared with its prior estimate of 50 cents to 52 cents.
Revenue is estimated to rise about 25%, compared with its previous forecast for an increase in the low twenties.
Under Armour shares are up about 28% year to date, as of Monday’s market close. The company has a market cap of $10.3 billion.
Find the full earnings press release from Under Armour here.
This story is developing. Please check back for updates.
