Under Armour Q3 Earnings Top Estimates

Loading...
Loading...
  • Under Armour Inc UA reported third-quarter FY23 sales growth of 3% year-on-year to $1.58 billion, beating the consensus of $1.55 billion.
  • Wholesale revenue increased 7% Y/Y to $820 million, and direct-to-consumer revenue fell 1% to $715 million.
  • Apparel revenue fell 2% Y/Y, Footwear climbed 25%, while Accessories revenue decreased 2%.
  • Gross profit fell 10% Y/Y to $698.4 million, and the gross margin contracted 650 basis points Y/Y to 44.2%.
  • Operating margin expanded 40 basis points to 6%, and operating income for the quarter increased 9.9% to $94.7 million.
  • The company held $849.5 million in cash and equivalents as of Dec. 31, 2022. Inventory was $1.2 billion as of the Decemer end.
  • The company’s adjusted EPS was $0.16, beating the consensus of $0.09.
  • Under Armour repurchased 35 million shares for $425 million under its two-year, $500 million program approved in February 2022.
  • Outlook: Under Armour's FY23 revenue growth outlook is unchanged from the previous expectation of a low single-digit percentage rate increase on a reported basis, up at a mid-single-digit percentage rate on a currency-neutral basis.
  • The company raised its FY23 adjusted EPS outlook to $0.52 - $0.56 from the prior view of $0.44 - $0.48 versus the estimate of $0.46.
  • Price Action: UA shares are trading lower by 6.26% at $10.12 on the last check Wednesday.
Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...