Under Armour Inc. posted a rise in third-quarter earnings Tuesday, thanks, in part, to a 16 percent increase in sales.
For the three months ended Sept. 30, the firm earned $26.2 million, or 52 cents a diluted share, compared with $25.7 million, or 51 cents, last year. Analysts were expecting earnings per share of 44 cents.
Net revenues totaled $269.6 million, up from $232 million a year ago. Footwear revenues more than doubled to $33 million from $13.1 million.
“The strength and diversity of our growth platform enabled us to deliver meaningful top-line growth during the quarter, with all product categories up for the period,” Kevin Plank, chairman and CEO, said in a Tuesday statement. “Continuing to lead in product innovation and aggressively communicating our authentic position in sports will help ensure that the Under Armour brand continues to resonate with the athletes of this generation.”
Under Armour raised its full-year revenue guidance to $830 million to $835 million, from a prior estimate of $810 million. As a result, EPS are now expected to reach between 85 cents and 87 cents, up from a previous guidance for 80 cents to 82 cents.
For the year, analysts were expecting EPS of 83 cents on revenues of $815.4 million.
Nevertheless, shares of Under Armour dropped around 9 percent in morning trading, recently at $30.03.