Courtesy of Benzinga.
Shares of Under Armour (NYSE: UA) are down a massive 8.5 percent to $49.81 after beating analyst first quarter estimates and raises full year 2014 guidance.
The company reported earnings per share of $0.06 versus analyst estimates of $0.04. Revenue came in at $642 million, beating estimates of $598.77 million. Revenues increased 36 percent year-over-year from $472 in the previous year’s period.
Product revenue breakdown:
- Apparel — increased 33 percent to $459 million.
- Footwear — increased 41 percent to $114 million.
- Accessories — increased 43 percent to $52 million.
- Direct-to-Consumer — increased 33 percent to.
- International revenues — increased 79 percent.
Gross margins gained from 45.9 percent to 46.9 percent year-over-year.
Full year 2014 sales guidance was raised from a range between $2.84-$2.87 billion to a range of $2.88-$2.91 billion.
On Benzinga’s #Premarket Prep, Brian Sozzi called the quarter “very, very strong,” and believes the company will continue to win.
Chairman and CEO Kevin Plank commented, “We are off to a great start in 2014 driven by broad-based strength across our Apparel, Footwear, and International growth drivers. Our formula for driving newness and innovation in Apparel continues to resonate with consumers and helped deliver over 30% growth for our largest product category. That same model is contributing to success in Footwear, where we accelerated growth in running and brought award-winning product to the marketplace with the SpeedForm Apollo.
“Finally, we enhanced our ability to reach the global athlete, including the recent expansion of our brand in key Latin American markets, as well as strong gains across Europe and Asia.”
Posted-In: Brian Sozzi Kevin PlankAnalyst Color Earnings News Guidance
