Under Armour Inc.’s stock
UA,
rose 3% early Thursday, after the sporting apparel company beat profit estimates for its fiscal third quarter to offset revenue that came up short. The Baltimore-based company had net income of $114.1 million, or 26 cents a share, for the quarter, compared with $121.6 million, or 27 cents a share, in the year-earlier period. Adjusted per-share earnings came to 19 cents, ahead of the 11 cent FactSet consensus. Revenue fell to $1.486 billion from $1.582 billion a year ago, below the $1.503 billion FactSet consensus. “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 d CEO Stephanie Linnartz in a statement. The company tweaked its 2024 guidance and now expects revenue to be down 3% to 4%, narrower than prior guidance of down 2% to 4%. It expects EPS of 57 cents to 59 cents and adjusted EPS of 50 cents to 52 cents. The FactSet consensus is for EPS of 49 cents and for revenue to fall 2.9%. The stock has fallen 24% in the last 12 months, while the S&P 500
SPX,
has gained 21%.
