Under Armour (UA) Continues to Soar on Earnings Beat, Bullish Guidance
Under Armour (NYSE: UA) shares have surged to over 22% to $104.70, surpassing the previous 52-week high, and continue to move higher. The stock has gained solid momentum following the announcement of better-than-expected fourth-quarter EPS of $0.59 (compared to the $0.53 est.) and revenue of $683 million, beating analyst consensus of $620 million.
Under Armour raised its guidance, forecasting 2014 revenue of $2.84-2.87, ahead of the $2.77 billion estimate. The sportswear retailer also boosted its operating income view to $326-329 million.
According to the company's conference call, its accessories business, which was up 52% to $545.5 million through the quarter, led the quarterly growth, while a focus on women's apparel was key in helping to boost US sales.
The company highlighted that Under Armour apparel will be featured at the Sochi Olympics, and noted the Chinese market was “a major growth market.” Under Armour also completed its first acquisition of MapMyFitness, which helps give the brand a more “serious digital relevancy.”
Stay tuned for a full round-up on all the analyst color coming out on Under Armour Thursday morning...
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.