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The products are on display at an Under Armor store in New York City, November 4, 2019.
Brendan McDermid | Reuters
Under Armor reported surprise earnings for the holiday quarter on Wednesday as sales were boosted by strong digital growth.
The sneaker maker also offered an early outlook for 2021. It expects sales to increase to high numbers, helped by a rebound in consumer demand in North America.
Its shares jumped more than 3% in pre-market trading.
Here’s how the company fared for the fourth quarter compared to what analysts expected, based on a Refinitiv survey:
- Earnings per share: 12 cents, adjusted, versus an expected loss of 7 cents
- Revenue: $ 1.4 billion vs. $ 1.27 billion, expected
For the fourth quarter, net income fell to $ 184.5 million, or 40 cents per share, compared to a loss of $ 15.3 million, or 3 cents per share, a year ago. Excluding one-time charges, the company gained 12 cents per share, better than analysts’ forecast of 7 cents loss.
Sales fell 3% to $ 1.40 billion from $ 1.44 billion a year ago, but topped analysts’ estimates by $ 1.27 billion.
The company said its online sales were up 25%.
Under Armor shares have risen about 2% in the past 12 months, as the market closed on Tuesday. The company has a market capitalization of $ 9.42 billion.
This story is developing. Please come back for updates.
Find the full Under Armor press release here.
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