Crocs, Inc. (NASDAQ:CROX) stock took a hit on Tuesday despite reporting an earnings beat for the third quarter of 2017.
Crocs, Inc.’s losses per share for the third quarter of the year was 3 cents. This is an improvement over its losses per share of 7 cents from the same time last year. It also came in above Wall Street’s losses per share estimate of 5 cents for the quarter.
Revenue reported by Crocs, Inc. in the third quarter of 2017 was $243.27 million. This is down from its revenue of $245.89 million reported in the third quarter of 2016. However, it still beat out analysts’ revenue estimate of $237.51 million for the third quarter of the year.
Despite these positive earnings results for the third quarter of 2017, CROX stock is still down today. This is likely due to the guidance provided in its earnings report. The company is expecting revenue for the fourth quarter of the year to range from $180 million to $190 million. Wall Street is looking for revenue of $191.89 million for the quarter.
Crocs, Inc.’s outlook for the full year of 2017 also likely didn’t help CROX stock today. The company says that it expects 2017 revenue to be down low single digits compared to 2016 revenue. The company’s revenue for the full year of 2016 was $1.04 billion, which was down roughly 5% from the year prior. Analysts are estimating revenue of $1.01 billion for the full year of 2017.
CROX stock was down 8% as of Tuesday morning, but is up 28% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.