Under Armour Shares Climb on Second Quarter Earnings News
Under Armour (NYSE: UA) shares increased 13 percent Tuesday morning on strong Second Quarter Earnings news.
Under Armour announced net revenues increased 27 percent to $369 million, beating the consensus analyst estimate of $358.50 million. Diluted EPS came in at $0.06 versus analyst expectations of $0.05, a 6 percent increase over the year-ago quarter. The company raised its outlook on annual revenues to $1.80 billion to $1.82 billion, representing growth of 22 percent to 24 percent respectively year-over-year; the annual earnings outlook was also boosted to a range of $205 million to $207 million, a year-over-year increase of 26 percent to 27 percent respectively.
Kevin Plank, CEO and Chairman of the fast-growing athletic apparel company, stated, "Our heightened attention to innovation across all of our product lines continues to resonate with consumers. Our broad-based success during the quarter reflects our ability to build upon platform technologies such as Charged Cotton, while introducing new ideas such as ColdBlack. In Women's, we are redefining how the female athlete looks at our Brand with the strong introductions of our Studio line and Armour Bra. We are also excited about gaining momentum in the footwear space with game-changing products such as our $130 Highlight football cleat and the just-launched UA Spine running shoe."
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