Rocky Brands Inc. Posts Q1 Earnings

Rocky Brands Inc. Posts Q1 Earnings
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Rocky Brands Inc.’s performance in Q1, ended March 31, 2015, surpassed Wall Street’s earnings per share estimates while missing its revenue forecast — but the Nelsonville, Ohio-based company’s net income for the quarter doubled.

Net Income: First-quarter net income was $1.4 million, compared with net income of $0.7 million in the year-ago quarter.

EPS: The company said its earnings per diluted share were 19 cents — a significant increase from last-year’s same-quarter EPS of 10 cents.

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 Net Revenue: First-quarter net sales were $65.5 million compared with $65.8 million in the first quarter of 2014.

 Hit, Miss or Beat: Revenue was a miss on Wall Street’s forecasts, but EPS significantly beat the Street’s forecasts. Analysts polled by Yahoo Finance had predicted revenue of $69.5 million for the quarter, and the firm landed $4 million shy, with revenue of $65.5 million. EPS were 7 cents above market watcher’s estimate of 12 cents.

Executive Insights: “Our bottom-line performance was driven by improved gross margin in our wholesale channel and a reduction in operating expenses. At the same time, demand for our Durango collections continued to gain pace, fueling a 30 percent increase in Durango brand sales over the year-ago period. We did experience some headwinds during the first quarter, including delayed deliveries as a result of the West Coast port situation. We believe the current top-line challenges are temporary, and based on recent sell-through trends and our fall order book, we are confident that growth will accelerate as the year progresses.” –Rocky Brands Inc. CEO David Sharp