Profit Up, Forecast Down At Under Armour
From the Associated Press:
Under Armour said Tuesday its third-quarter profit rose 28 percent, but the company lowered its full-year profit outlook in anticipation of a tough holiday shopping season that will affect the fourth quarter.
"While the company has delivered strong results for the first nine months of the year, the company is revising its 2008 outlook based on the current economic environment," a company statement read.
The seller of athletic gear earned $25.7 million, or 51 cents per share, in the three months that ended Sept. 30. It earned $20 million, or 40 cents per share, in the same period a year ago.
Revenue rose 24 percent to $231.9 million.
Analysts surveyed by Thomson Reuters had expected per-share profit of 50 cents and revenue of $227 million. They typically exclude one-time charges.
Operating income rose 37.5 percent to $97.5 million in the third quarter, the company said.
The current financial turmoil led the company to be more cautious of how it will perform in the final months of the year. For the full year, the company lowered its revenue estimate to a range of $750 million to $765 million, which assumes a growth rate of 24 percent to 26 percent.
Earlier, it had predicted revenue would be $765 million to $775 million.
The company also lowered its guidance for operating income to a range of $97.5 million to $104.5 million, down from an earlier estimate of $104.5 million to $105.5 million.
October 28, 2008; 10:09 AM ET
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