Under Armour (NYSE:UAA,NYSE:UA) earnings for first quarter of 2020 have UAA stock taking a beating on Monday. That’s thanks to its adjusted losses per share of 34 cents and revenue of $930.24 million. These are both below Wall Street’s estimates of 18 cents per share and revenue of $958.17 million.
Here’s what else is worth mentioning from the most recent Under Armour earnings report.
- Adjusted per-share losses are down from adjusted earnings per share of 5 cents in the same period of the year prior.
- Revenue for the quarter is 23% lower than the $544.79 million in the first quarter of 2019.
- Operating loss of $588.18 million is a major decline year-over-year from an operating income of $35.26 million.
- The Under Armour earnings report also has net loss coming in at $589.61 million.
- That’s worse than the company’s net income of $22.48 million reported during the same time last year.
Patrik Frisk, president and CEO of Under Armour, said this about the Q1 earnings:
“During the first quarter, our results in January and February were tracking well to our plan. Since mid-March, as the pandemic accelerated dramatically in North America and EMEA and retail store closures ensued, we’ve experienced a significant decline in revenue across all markets.”
Under Armour doesn’t include an outlook in its current earnings report. This is due to the negative effects the novel coronavirus is having on its business. Plenty of other companies are also withholding guidance due to the pandemic.
UAA stock was down 9.7% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.