- Under Armour beat on both the top and bottom lines.
- The athletic-apparel maker reiterated its full-year earnings forecast.
- Shares are up 1.35% following the results.
- Watch Under Armour trade in real time here.
Under Armour on Tuesday reported first-quarter results that beat on both the top and bottom lines, sending shares up 1.35%.
The athletic-apparel maker posted a breakeven quarter, topping the $US0.06 loss that Wall Street analysts surveyed by Bloomberg were expecting.
Revenue rose 6% versus a year ago to $US1.2 billion, edging out the $US1.12 billion that was anticipated. The company said sales in North America were flat, but the company’s international business saw revenue soar 27% year-over-year. Strength in men’s training helped apparel sales spike 7% while footwear revenue increased 1% as strength in running offset weakness in team sports and global football.
The company has been losing market share as of late, recently falling into fourth place behind Puma.
Under Armour reiterated its full year adjusted earnings forecast of between $US0.14 and $US0.19, which is in line with the $US0.17 Bloomberg consensus.
“As we continue to build our global brand by delivering innovative performance products to our athletes, amplifying our story, further strengthening our go-to-market process, and leveraging our systems to create even deeper consumer connections – we remain confident in our ability to deliver on our full year targets,” Under Armour Chairman and CEO Kevin Plank said in the earnings release.
Under Armour shares are up 22.9% this year.
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