Under Armour's 4Q Profit, Revenue Top Estimates
Under Armour reported better-than-expected quarterly profit and revenue, helped by strong demand for its sports apparel, new launches in running and basketball shoes, and growth in its direct-to-consumer channel.
Shares of the No. 2 U.S. sportswear maker rose 12.3 percent in premarket trading, after it also forecast full-year 2016 revenue above Wall Street estimates.
The Baltimore, Maryland-based company forecast full-year 2016 sales of $4.95 billion and operating income growth of 23 percent.
Analysts on average expect full-year 2016 sales of $4.91 billion, according to Thomson Reuters I/B/E/S.
The company's net income rose 20.4 percent to $105.6 million, or 48 cents per share, in the fourth quarter ended Dec. 31, higher than the average analyst estimate of 46 cents per share.
Revenue rose 31 percent to $1.17 billion, above analysts' average estimate of $1.12 billion.
(Reporting by Ramkumar Iyer in Bengaluru; Editing by Shounak Dasgupta)