Crocs Swings to Q4 Loss But Beats Analyst Estimates, Shares Move Higher
Crocs (NASDAQ: CROX) reported results for fourth quarter and full year 2013 Thursday morning. Shares of Crocs are up 5.5 percent to $15.90 following the bullish report.
The loss of $0.20 per share beat estimates which were at a loss of $0.22 per share. The GAAP loss totaled $0.76 per share. Crocs reported a non-GAAP gain of $0.05 per share during the same quarter last year.
Revenue rose 1.6 percent year over year to $228 million versus the $220.5 million estimate.
Crocs is in the process of recruiting a new Chief Executive Officer who “will work with the reconstituted board to...prioritize earnings over top-line growth,” said Thomas Smach, Crocs chairman of the board. Smach goes on to say that, “given the transition that the company will be going through, we will not be providing earnings guidance in 2014.”
Crocs' beat comes a little over a week after Sketchers (NYSE: SKX) soared 13 percent higher after beating analyst fourth-quarter estimates. Deckers Outdoors (NASDAQ: DECK) reports February 27th after market close. Steven Madden (NASDAQ: SHOO) reports February 25th before the market open.
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