Under Armour on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations thanks to a spike in sales overseas, as the sneaker maker continues to struggle to grow its business in the U.S.
Shares of the company climbed more than 7 percent in premarket trading on the news.
Here’s what Under Armour reported for the third quarter ended Sept. 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 25 cents, adjusted, vs. 12 cents expected
- Revenue: $1.44 billion vs. $1.42 billion expected
The Baltimore-headquartered retailer reported net income of $75.3 million, or 17 cents per share, up from from $54.2 million, or 12 cents per share, a year ago.
Excluding one-time items, Under Armour earned 25 cents per share, ahead of the 12 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose about 2.4 percent to $1.44 billion, beating expectations of $1.42 billion.
In North America, Under Armour said revenue fell 2 percent during the quarter to $1.1 billion. It got a bigger boost overseas, where international sales jumped 15 percent to $351 million and now represent 24 percent of total sales, according to the company.
Apparel revenue was up 4 percent, with footwear sales flat and accessories revenue down 6 percent, Under Armour said.
The company will hold a call with analysts at 8:30 a.m. ET to discuss its quarterly results.
This is a developing story. Please check back for updates.
