Crocs Beats Estimates

Crocs Beats Estimates
A Crocs summer style

Shares of Crocs Inc. rose in after-hours trading Wednesday as the firm exceeded expectations in its second quarter.

For the period ended June 30, the Niwot, Colo.-based firm earned a net income of $61.5 million, or 68 cents a share, compared to net income of $55.5 million, or 61 cents, the same period a year ago.

Revenue advanced 12 percent to $330.9 million, from $295.6 million, driven by Asia, which surged 20.5 percent and the Americas, which increased 10.9 percent, and partially offset by a 5.2 percent decrease in Europe.

Analysts were looking for EPS of 63 cents on revenue of $339.9 million, as polled by Yahoo Finance. Crocs’ shares spiked 8.6 percent from its Wednesday close of $14.06.

Wholesale sales increased 7.3 percent to $188.5 million, while retail sales gained 22.6 percent to $112.5 million. Backlog improved 2.7 percent to $172.6 million.

“We are very encouraged by continued strong growth of Asia, sell-through of our products in key wholesale accounts, our international retail performance, all driven by customer enthusiasm for our new products,” John McCarvel, Crocs’ president and CEO, said in a statement. “We believe the diversification in our business model, global presence and product breadth provides the platform for continued sales growth and earnings expansion.”

Crocs is projecting a fiscal 2012 revenue growth of about 14 percent over 2011, and EPS to come in between $1.50 and $1.54 a share.

The firm’s cash balance at quarter’s end grew 54.9 percent to $278.8 million. It has no long-term debt.