UPDATE: Under Armour Posts Upbeat Q3 Earnings, Lifts Forecast

Under Armour

reported better-than-expected results for the third quarter and raised its forecast for the year. Under Armour now projects full-year revenue of $3.03 billion, versus its earlier outlook of $2.98 billion to $3 billion. It raised its operating income forecast to $348 million, versus $343 million to $345 million. The Baltimore, Maryland-based company reported a quarterly profit of $89.1 million, versus a year-ago profit of $72.8 million. On a per-share basis, its earnings gained to $0.41 from $0.34. Its revenue climbed 30% to $937.9 million. However, analysts were projecting earnings of $0.40 per share on revenue of $925.30 million. Its apparel sales climbed 26% to $704.6 million in the quarter, while footwear sales jumped 50% to $121.6 million. Accessories sales rose 32% to $84.9 million in the quarter. Sales in North America climbed 25% in the quarter, while international revenue jumped to $90.3 million versus $44.3 million. Gross margin for the quarter widened to 49.6% from 48.4%, while operating income rose 21% to $146 million. At September 30, 2014, cash and cash equivalents rose 34% to $249 million, versus $186 million at September 30, 2013. Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "Our strong third quarter results demonstrate the power of the UA brand. The momentum and growing confidence we outlined last quarter in Footwear and International were on full display in the third quarter with growth rates accelerating to 50% and 94%, respectively.” Under Armour shares fell 6.43% to $61.80 in pre-market trading.