Under Armour Shares Rise As Company Beats Profit And Sales Estimates
Athletic apparel maker Under Armour Inc. shares rose 1.8% in premarket trade Thursday, after the company blew past earnings estimates for its third quarter and raised its outlook for the full year. The company said it had net income of $100 million, or 45 cents a share, in the quarter, up from $89 million, or 41 cents a share, in the year-earlier period. Revenue rose 28% to $1.20 billion. The FactSet consensus was for EPS of 44 cents and revenue of $1.18 billion. Chief Executive Kevin Plank said earnings were boosted by the success of the athletes it endorses, including golfer Jordan Spieth, ballerina Misty Copeland and basketball player Stephen Curry. The company is now expecting full-year revenues of about $3.91 billion, up from earlier guidance of $3.84 billion and compared with the FactSet consensus of $3.87 billion. Shares have gained 46% in the year so far, while the S&P 500 is down about 2%.
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