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Under Armour Reports Q3 Earnings Beat As Accounting Investigation Looms

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Under Armour Reports Q3 Earnings Beat As Accounting Investigation Looms

Under Armour Inc (NYSE: UA) reported third-quarter earnings of 23 cents per share Monday, which beat the analyst consensus estimate of 18 cents by 27.78%. This is a 8% decrease over earnings of 25 cents per share in the same period last year.

The company reported quarterly sales of $1.429 billion, which beat the analyst consensus estimate of $1.41 billion by 1.35%. This is a 0.97% decrease from sales of $1.443 billion in the same period last year.

The quarterly print comes on the heels of confirmation that the retailer's accounting practices are under investigation by the Justice Department

Under Armour raised its fiscal year 2019 EPS guidance from a range of 33-34 cents to a 34 cents, matching the Street estimate.

"Building our long-term brand strength remains at the center of everything we do," Under Armour Chairman and CEO Kevin Plank said in a statement.

"Our ongoing transformation across the business continues to make us smarter, faster and more operationally excellent. As we make the turn into 2020, we are confident in our ability to deliver our fourth quarter targets while proactively supporting higher levels of strategic marketing investments that will further fuel the Under Armour brand."

Under Armour Class A shares were plunging 14.8% to $18.01 at the time of publication in Monday's premarket session. 

The stock has a 52-week high of $27.72 and a 52-week low of $16.52.

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Photo by Tdorante10 via Wikimedia

Posted-In: Apparel retailEarnings News Guidance Best of Benzinga

 

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