UPDATE: McAdams Wright Ragen Downgrades Columbia Sportswear to Hold Following 1Q13 Earnings

In a report published Thursday, McAdams Wright Ragen analyst Sara E. Hasan downgraded the rating on Columbia Sportswear Company

from Buy to Hold. In the report, Hasan noted, “Columbia Sportswear reported 1Q13 earnings of $10.1 million, or $0.29 per share, including $0.06 per share of unanticipated restructuring charges. Results were well ahead of our $0.13 per share estimate and consensus of $0.14. The company earned $0.11 per share in the first quarter of 2012, including $0.08 per share of restructuring. Total revenues in Q1 exceeded our estimate and increased 4.6% y-y to $348.3 million as cooler weather helped the company liquidate excess fall inventory. A higher proportion of direct-to-consumer sales helped cushion gross margin contraction versus earlier expectations, while tight control over operating expenses drove 210 bps of operating margin improvement to 3.7%.” Columbia Sportswear Company closed on Wednesday at $58.06.