Jan 30, 2014
Under Armour forecasts 2014 sales above estimates
Jan 30, 2014
Under Armour Inc posted a quarterly profit and gave a full-year revenue forecast that beat analysts' estimates, driven by increased sales of its athletic apparel, footwear and accessories.
The company's shares rose as much as 11.5 percent in premarket trading.
Under Armour, known for its ColdBlack brand of apparel and the Armour Bra, said it expects 2014 revenues of $2.84 billion-$2.87 billion.
Analysts on average expect revenue of $2.77 billion, according to Thomson Reuters I/B/E/S.
Strong sales of its athletic apparel, including its expanded fleece offerings and its new ColdGear Infrared products, powered a 35 percent rise in fourth-quarter revenue.
Revenues from apparels accounted for 80 percent of total sales of $682.8 million in the quarter ended Dec. 31.
Net income rose to $64.2 million, or 59 cents per share, from $50.1 million, or 47 cents per share, a year earlier.
Analysts on average were expecting a profit of 53 cents per share, on revenue of $619.9 million.
Under Armour shares rose to $95.00 in premarket trading. They closed at $85.22 on Wednesday on the New York Stock Exchange.
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