Under Armour Inc. (NYSE: UA) released its third-quarter financial results on Thursday before the markets opened. The company reported $0.45 in earnings per share (EPS) on $1.20 billion in revenue, compared to consensus estimates from Thomson Reuters of $0.44 in EPS on $1.18 billion in revenue. The same period from the previous year had $0.41 in EPS on $937.91 million in revenue.

The company updated its guidance and expects net revenues in 2015 to be roughly $3.91 billion, compared to the full-year consensus estimates of $1.08 in EPS on $3.88 billion in revenue.

Footwear net revenues increased 61% in the third quarter to $196 million from $122 million in the prior year’s period, primarily reflecting continued product expansion across the running, basketball and training categories.

Gross margin for this past quarter was 48.8%, compared with 49.6% in the prior year’s period, due largely to the impacts of foreign exchange rates and sales mix, partially offset by favorable product margins.

Kevin Plank, chairman and CEO of Under Armour, commented on earnings:

Our scoreboard in the third quarter not only marked our 22nd straight quarter of at least 20% net revenue growth, but also our first $1 billion quarter. Our ongoing success in 2015 has been driven by innovative, head-to-toe product, combined with game-changing performances by our athletes. Leveraging these great successes throughout 2015, our current Rule Yourself global marketing campaign highlights the training and dedication that drives our athletes to be their best on the biggest stages. The campaign features Tom Brady, Misty Copeland, Stephen Curry, and recently named PGA Tour Player of the Year Jordan Spieth. When combined with over 150 million unique registered users across our Connected Fitness community, logging more than 6.5 billion food items and 1.5 billion workouts year-to-date, our brand is resonating with more athletes than ever before and we are investing to not only build deeper relationships with these athletes today, but fulfill our longer term vision to change the way athletes live.

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On the books, the company had cash and cash equivalents that totaled $159.4 million, compared to $249.5 million in the same period of the previous year.

Shares of Under Armour closed Wednesday down 0.8% at $99.15. The consensus analyst price target is $108.04, and the 52-week trading range is $61.82 to $105.89. Following the release of the earnings report, shares were up 0.4% at $99.50 in early trading indications Thursday.

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