Under Armor Beats Q2 Forecasts, Shares Jump

by Christopher Freeburn | July 24, 2012 1:11 pm

[1]Increased athletic shoe sales boosted earnings performance[2] at Under Armor (NYSE:UA[3]), 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[4]) shares after it missed earnings estimates for its fiscal fourth quarter[5].

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