Under Armour (NYSE:UAA) stock is taking off on Tuesday thanks to the company’s most recent earnings report.
Let’s take a look at that earnings report below to see why holders of UAA stock are smiling today.
- Let’s start with the company’s adjusted earnings per share of 31 cents.
- That’s a solid beat over Wall Street’s estimate of 15 cents per share.
- It’s also an increase over the 26 cents per share reported during the same time last year.
- Revenue of $1.5 billion is another boon for UAA stock today.
- It comes in above analysts’ estimates of $1.48 billion for the quarter.
- The company’s revenue is also up 8% from the third quarter of 2020.
- Under Armour also updates guidance for 2021 in its Q3 earnings report.
- It’s now expecting an adjusted EPS of roughly 74 cents.
- That would easily stomp Wall Street’s estimate of 55 cents per share.
- It’s also a nice bump over the previous adjusted EPS estimate range of 50 cents to 52 cents.
- As for revenue, the company is looking for a roughly 25% increase year-over-year.
- Its previous guidance was for revenue to increase in the low 20% range.
Patrik Frisk, president and CEO of Under Armour, said the following about the news boosting UAA stock today.
“With industry-leading innovations, increased marketing efforts to deepen our connection with Focused Performers, and consistent operational discipline – we’re building greater brand affinity and are on track to deliver record revenue and earnings results in 2021.”
UAA stock is experiencing heavy trading alongside today’s earnings report. This has some 14 million shares changing hands today. That’s quite the jump from the company’s daily average trading volume of around 5.9 million shares.
UAA stock was up 16.5% as of Tuesday morning.
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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.