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- Colombia Sportswear Co (NASDAQ:COLM) reported second-quarter FY21 sales growth of 79% year-on-year, to $566.4 million, beating the analyst consensus of $497.57 million.
- Gross profit rose 100% Y/Y to $292.5 million, and gross margin expanded 540 basis points to 51.6% of net sales.
- The operating margin was 6.2%, with $35 million in operating income for the quarter.
- The company held $820.9 million in cash and equivalents as of June 30, 2021.
- EPS of $0.61 improved from a loss of $(0.77) Y/Y, versus the consensus for a loss of $(0.08).
- "Our record financial performance clearly reflects the powerful fundamental recovery that is underway in our business. Second-quarter results exceeded our expectations, driven by better than planned performance in our U.S. wholesale and DTC brick & mortar businesses," said Chairman, President, and CEO Tim Boyle.
- The company's regular quarterly cash dividend of $0.26 per share, is payable on August 26, 2021 to shareholders of record on August 12, 2021.
- Outlook: Colombia raised FY21 sales guidance to $3.13 billion - $3.16 billion from $3.04 billion - $3.08 billion, with the consensus of $3.08 billion.
- The company also raised the EPS outlook to $4.30 - $4.55 from $4.05 - $4.30, with the consensus at $4.43.
- It lowered gross margin outlook to 49.9%-50.1% (prior 50.0%-50.2%).
- Price action: COLM shares closed higher by 1.80% at $101.41 on Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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