Crocs (NASDAQ:CROX) stock was down on Tuesday despite reporting an earnings beat for the second quarter of the year.
The news dragging down CROX stock today is the departure of Executive Vice President and CFO Carrie Teffner. Teffner will be leaving the company on April 1, 2019. She is leaving to pursue strategic board and advisory work.
Teffner’s replacement will be Anne Mehlman. She will take over the Executive Vice President and CFO roles on Aug. 24, 2018. However, Teffner will remain with the company until her resignation date. This will have her acting as the company’s Executive Vice President Finance and Strategic Projects.
Another thing worth noting about the quarter is the closing of Crocs’ manufacturing facilities during the second quarter of 2018. It closed its manufacturing facility in Mexico and is moving forward with plans to close its manufacturing facility in Italy. The one in Italy is the last of the company’s manufacturing facilities.
This news is pulling down CROX stock today even through the company reported earnings per share of 35 cents for the second quarter of the year. This is better than its earnings per share of 20 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 31 cents for the period.
Crocs’ most recent earnings report also includes revenue of $328.00 million. This is up from its revenue of $313.22 million that was reported in the second quarter of the previous year. It also comes in above analysts’ revenue estimate of $321.76 million for the quarter, but wasn’t enough to save CROX stock today.
CROX stock was down 6% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
