Crocs (NASDAQ:CROX) investors are celebrating today as shares of the stock head higher thanks to the company’s Q3 earnings report.
Let’s jump into that earnings report below to see why CROX stock is doing so well today.
- Kicking off the report is adjusted earnings per share of $2.47.
- That’s a massive win for CROX stock as it easily beats out Wall Street’s estimate of $1.88 per share.
- It’s also a major increase over the company’s adjusted EPS of 94 cents from the same time last year.
- To go along with that is revenue of $625.9 million in the third quarter of 2021.
- Yet again, that smashes analysts’ estimate of $610.01 million for the period.
- It’s also a 73% increase from the same period of the year prior.
- Crocs also includes updated guidance in its most recent earnings report.
- The company is expecting revenue for the full year of 2021 to be up 62% and 65% compared to 2020 revenues of $1.39 billion.
- It’s also looking for revenue in 2022 to rise by 20% compared to 2021 revenue.
Andrew Rees, CEO of Crocs, said the following in the earnings report boosting CROX stock higher today.
“Our third quarter was exceptional, underscored by 73% revenue growth over 2020 and industry-leading operating margin of 32%. Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business. Despite the temporary disruptions, we expect 2022 revenues to grow over 20% from 2021 fueled by the strength of our brand and consumer demand globally.”
CROX stock is seeing heavy trading alongside its Q3 earnings report. As of this writing, some 5 million shares have changed hands. That’s quite the increase over its daily average trading volume of 1.5 million shares.
CROX stock is up 6.6% as of Thursday afternoon and is up 135.1% since the start of the year.
Investors looking for more hot stock news today will want to stick around!
We’ve got the latest stock market coverage that traders need to know about for Thursday. That includes details on the new cloud gaming service from Nvidia (NASDAQ:NVDA), WeWork (NYSE:WE) stock going public, as well as a Paypal (NASDAQ:PYPL) and Pinterest (NYSE:PINS) deal. You can find all of that at the links below!
More Thursday Stock Market News
- NVDA Stock: 13 Things to Know About Nvidia’s Next-Gen Cloud Gaming Platform
- WE Stock Alert: 7 Things to Know as WeWork Starts Trading Today
- A Paypal Pinterest Deal? 15 Things to Know as Both PYPL and PINS Stocks Slip Lower
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.