Under Armour Results Beat Expectations, Revises Full-year Outlook

Under Armour shares rose 4% in Thursday premarket trading after the company beat earnings expectations and slightly revised up its full-year revenue guidance. The sports apparel and accessories company said it had first-quarter net income of $19 million, or 4 cents per share, up 63% from $12 million, or 3 cents per share, for the same period last year. This year's earnings per share reflect the April 7 Class C stock dividend, which had the same effect as a two-for-one stock split. The FactSet consensus was 2 cents per share. Revenue rose 30% to $1.05 billion from $805 million last year, beating the $1.04 billion FactSet consensus. During the first quarter, apparel revenue increased 20% to $667 million versus $555 million last year. Footwear revenue was up 64% to $264 million from $161 million last year, owing largely to the Steph Curry basketball line and expanded running line. Accessories were up 26% to $80 million from $63 million last year, driven by headwear and bags. Under Armour says it now expects full-year revenue of $5 billion, up from the $4.95 billion forecast previously. Under Armour shares are up 5.5% for the year so far, outpacing the S&P 500, which is up 2.9% for the same period.