Crocs Down 8% After Missing Earnings Estimates
Shares of Crocs (NASDAQ: CROX) are down 8% after the company missed earnings yesterday.
The company reported financial results for the fourth quarter and year ended December 31, 2011. Revenue for the fourth quarter of 2011 increased 14% to $203.7 million, over revenue of $179.2 million reported in the fourth quarter of 2010. Net income for the fourth quarter 2011 was $5.6 million, or $0.06 per diluted share compared to a net income of $4.7 million, or $0.05 per diluted share in the fourth quarter 2010. Revenue for 2011 increased 27% to $1.0 billion, over revenue of $789.7 million reported in 2010. Net income for 2011 improved to $112.8 million, or $1.24 per diluted share compared to net income of $67.7 million, or $0.76 per diluted share in 2010.
John McCarvel, President and Chief Executive Officer, stated: “The past 12-months were a period of terrific growth and important progress for our Company. In 2011, we grew annual sales 27% to surpass $1 billion for the first time ever. The success of existing and new product introductions drove improvements in our average selling price in addition to strong organic growth from channel & geographic expansion. As we move forward through 2012, we are confident that our long-term strategies will continue to deliver meaningful market share gains in spring and summer while also increasing our relevance during the cold weather season.”
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.