Under Armour Inc. shares fell 3.2% in Tuesday premarket trading after the sports apparel and accessories company reported second-quarter earnings that fell, but met expectations. The company had net income of $6.3 million, or 12 cents per share, versus net income of $14.8 million million, or 3 cents per share, for the same period last year. Adjusted earnings for the quarter were 1 cent per share, meeting the FactSet consensus. Revenue for the quarter totaled $1 billion, up from $783.6 million for the same period last year, also meeting the FactSet consensus. Operating income was down 39% for the quarter to $19 million, including a previously announced $23 million impairment related to The Sports Authority bankruptcy and liquidaton. Under Armour shares are down 12.2% for the last year while the S&P 500 Index is up 4.3% for the same period.
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