by Christopher Freeburn | July 24, 2012 1:11 pm
Increased athletic shoe sales boosted earnings performance at Under Armor (NYSE:UA), sending its shares sharply higher.
The company reported today that it earned $7 million in the second quarter, up 17% from $6 million during the same period last year.
Revenue jumped 27% to $369 million, topping the $358 million Wall Street had anticipated, Reuters noted.
EPS for the quarter was 6 cents, the same as last year, but a penny more than analysts had predicted.
Investors liked the news. Shares of Under Armor shot up more than 11% in Tuesday afternoon trading.
The company said that it now anticipates operating income of between $205 million and $207 million and revenues of between $1.8 billion and $1.82 billion for 2012. That marked an increase from previous revenue guidance of between $1.78 billion and $1.8 billion.
Under Armor noted that sales of athletic footwear jumped 44% during the quarter.
Last month, investors hammered footwear rival Nike‘s (NYSE:NKE) shares after it missed earnings estimates for its fiscal fourth quarter.
Source URL: http://investorplace.com/2012/07/under-armor-beats-q2-forecasts-shares-jump/
Short URL: http://investorplace.com/?p=202758
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.