Shares of
Under Armour
were rising after the sports apparel company turned in better-than-expected quarterly earnings.
Under Armour
posted third-quarter adjusted earnings of 19 cents a share, beating Wall Street’s call for 11 cents, according to FactSet.
Revenue of $1.49 billion was a bit shy of analysts’ forecasts of $1.5 billion.
“Despite a mixed retail environment during the holiday season, our third quarter revenue results were in line with our expectations; we were able to deliver better than anticipated profitability and remain on track to achieve our full-year outlook,” said Chief Executive Officer Stephanie Linnartz in a statement.
The company narrowed sales guidance for fiscal 2024, calling for revenue to fall 3% to 4% versus prior expectations for a drop of 2% to 4%. Gross margins were forecast to rise 120 to 130 basis points, higher than an earlier call for a jump of 100 to 125 basis points.
Under Armour also expects fiscal 2024 adjusted earnings of between 50 cents and 52 cents a share, while analysts were anticipating 49 cents.
Under Armour stock was up 5.9% to $8.15 in premarket trading Thursday.
Write to Emily Dattilo at [email protected]
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