Crocs Plummets on Q1 Earnings Results

Footwear apparel company Crocs, Inc.

released its first quarter earnings results after the closing bell on Wednesday. The Niwot, Colorado-based company reported net income of $28.35 million or $0.31 per share, compared to $21.50 million or $0.24 per share, in the year ago period. This compared to analysts' consensus EPS estimates of $0.26. Revenues for the quarter were up 19.9% to $271.80 million versus $226.71 million in last year's first quarter. This also beat analysts' consensus estimates of $266.74 million. Looking ahead to the second quarter, CROX sees earnings per share in a range between $0.61 and $0.63. Revenues are expected to be between $335 million and $340 million. This is below analysts' current consensus estimates of second quarter EPS of $0.65 on revenue of $352.69 million. In Wednesday's after hours trading session, CROX shares have fallen sharply on account of the lackluster Q2 guidance. At last check, the stock had lost nearly 6% and was trading at $20.80.