A favorable response to new product led Crocs Inc. to top estimates again in the second quarter.
The Niwot, Colo.-based firm earned 61 cents in the period, beating the street by 18 cents.
For the second quarter ended June 30, net income surged 72 percent to $55.5 million, and revenue increased 30 percent to $295.6 million. Net income in the same period a year ago $32.3 million, or 37 cents a share.
In a statement, the firm said it sold more than 14 million pairs of shoes in the quarter, pushing quarterly revenue past $295 million for the first time.
“Our performance was fueled by demand for our most diverse product line ever and included double-digit growth in each of our distribution channels and geographic regions,” said John McCarvel, president and CEO of Crocs.
“Looking ahead to the back half of 2011, we expect our momentum to continue through summer and back to school. We are also optimistic about our prospects for the fall and holiday given the 41.9 percent increase in our backlog, which totaled $168.1 million at the end of the second quarter,” he added.
Gross profit margin slipped 20 basis points year-over-year, to 57.6 percent.
At the end of the quarter, Crocs had cash and cash equivalents of $180 million, an 86 percent increase from $96.9 million a year ago.
Third-quarter revenue growth will be equally robust, the company said. Crocs expects revenue of roughly $280 million, a 30 percent increase over the third quarter of 2010. EPS is expected to come in at about 40 cents.