Crocs stock was flying high on Thursday following the release of its earnings report for the third quarter of 2018.
During the third quarter of the year, Crocs (NASDAQ:CROX) reported earnings per share of 7 cents. This is an increase over the company’s losses per share of 3 cents from the same time last year. It was also good news for Crocs stock by beating out Wall Street’s losses per share estimate of 2 cents for the quarter.
Net income reported by Crocs for the third quarter of 2018 came in at $6.52 million. This is an improvement over the company’s net loss of $2.26 million reported in the third quarter of the previous year.
Crocs’s earnings report for the third quarter of the year also includes operating income of $13.90 million. The shoe company’s operating income from the same period of the year prior was $2.69 million.
Crocs also reported revenue of $261.06 million for the third quarter of 2018. This is better than the company’s revenue of $243.27 million that was reported in the third quarter of 2017. It was also a boon to Crocs stock by coming in above analysts’ revenue estimate of $246.40 million for the period.
The most recent earnings report from the company also has it updating its outlook for the full year of 2018. Crocs says that it now expects revenue for the year to be 4% to 5% higher than its revenue of $1.02 billion in 2017. Wall Street is looking for the company to report revenue of $1.05 billion during the year.
CROX stock was up 26% as of noon Thursday and is up 65% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.