Crocs Beats on EPS, Misses on Revenue; Forecasts Q3 EPS 42-44 Cents
Shares of Crocs (NASDAQ: CROX), the maker of its namesake casual footwear, are soaring in Wednesday's after-hours session after the company reported a second-quarter profit of 68 cents per share, topping the Wall Street estimate of 63 cents. Crocs reported revenue of $330.9 million, missing the estimate of almost $340 million.
A year earlier, the company earned $55.5 million, or 61 cents a share, on revenue of $295.6 million. Geographically, revenue increased 10.9 percent for the Americas, increased 20.5 percent for Asia and decreased 5.2 percent for Europe, Crocs said in a statement.
Gross profit margin jumped 15.2 percent to $196.1 million, or 59.3 percent as a percentage of sales, from $170.2 million, or 57.6 percent as a percentage of sales in the same period, a year earlier. The company's cash and cash equivalents position climbed almost 55 percent to $278.8 million during the quarter.
Backlog at June 30, 2012 increased 2.7 percent to $172.6 million compared to backlog of $168.1 million at June 30, 2011. On a constant currency basis, backlog is up approximately six percent over 2011, according to the statement.
Crocs forecast a third-quarter profit of 42-44 cents a share on sales of $300 million. For the full year, the company expects to earn $1.50-$1.54 a share.
Shares of Crocs are up almost six percent in the after-hours session. The stock has lost 8.3 percent year-to-date.
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