Results Drive Crocs Up 7.2% (CROX)

Shares of Crocs, Inc. (Nasdaq: CROX) are trading up 7.2% at $13.49 per share during the Friday afternoon trading session. The day's trading range for shares of Crocs, Inc has been between $12.94 and $14 per share. Analysts covering the company's stock give it a consensus price target of $13 per share.

Volume of 13.1 shares is already nearly 4 times the daily average volume of 3.3 million shares.

Crocs, Inc. (CROX) announced after the Thursday trading session that it easily beat consensus Wall Street estimates. The company announced 2nd quarter earnings per share of 37 cents, on revenue of $228 million.

According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 22 cents per share, on revenue of $220.60 million.

“We are very pleased with our second quarter results, which show further strengthening of our global wholesale and consumer direct businesses” said president and chief executive officer John McCarvel. “We believe sales are being driven by product innovation, improved service, and brand building initiatives as well as new distribution from the expansion of our company-operated stores and key wholesale accounts. Importantly, our updated business model is generating enhanced profitability and higher cash flow. We are encouraged with our recent performance and believe we have the right strategies in place along with the balance sheet strength to capitalize on the global opportunities still in front of us.”

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