Under Armour Inc. (NYSE: UA) released its third-quarter earnings report before the markets opened on Tuesday. Although this company beat estimates on both the top and bottom lines, the stock is still down handily.

The company had $0.29 in earnings per share (EPS) and $1.47 billion in revenue, versus consensus estimates from Thomson Reuters that called for $0.25 in EPS and $1.45 billion in revenue. The same period from last year reportedly had $0.23 in EPS on $1.2 billion in revenue.

During the third quarter, wholesale net revenues grew 19% year-over-year, while Direct-to-Consumer net revenues grew 29% in the same time.

In terms of the full-year outlook, the company expects to have $4.925 billion, representing growth of 24% over 2015, and 2016 operating income of $440 million to $445 million, representing growth of 8% to 9% over 2015.

The consensus estimates call for $0.59 in EPS and $4.94 billion in revenue for the 2016 full year.

Kevin Plank, chairman and CEO, commented:

Under Armour is a growth company and our ambitions for the Brand have never been higher. This marks our 26th consecutive quarter of 20+% revenue growth demonstrating the strength of the Under Armour Brand. From the Olympic Games in Rio to the launch of Under Armour Sportswear at New York Fashion Week, the Under Armour Brand continues to extend its reach to new consumers while remaining authentic and rooted in sport.  In the third quarter, our key strategies and investments to diversify our portfolio on a global scale were evident across categories, channels, and geographies. In running, we experienced strong global demand for our Slingride and Bandit 2 footwear styles, showcasing the continued expansion of our premium $100+ footwear offerings.  Within direct-to-consumer we launched three new e-commerce sites, bringing our total to 30 global sites, as we focus on expanding brand experience and premium offerings for consumers wherever they shop. And finally, we hosted our second tour through Asia with Stephen Curry, where the Brand continues to resonate and drive incredible momentum in new markets.

Cash and cash equivalents totaled $180 million at the end of the quarter, compared to $159 million in the same period from last year.

Shares of Under Armour closed Monday at $37.90, with a consensus analyst price target of $48.73 and a 52-week trading range of $31.61 to $48.77. Following the release of the earnings report, the stock was down about 16% at $31.80 in early trading indications Tuesday.

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