This morning, Under Armour (NYSE: UA) reported a better-than-expected profit as demand rose in its footwear category. The company also raised its full-year revenue forecast.
The apparel maker said its second-quarter earnings came to $7 million, or $0.06 per share, up from $6 million, or $0.06 cents per share, in the same period of last year. Revenues increased 27% to $369 million. Sales in the footwear category jumped 44%. Footwear contributes about 19% of total revenue.
Both the top line and bottom line numbers exceeded consensus estimates.
The company now expects 2012 net revenues in the range of $1.80 billion to $1.82 billion, up from the previous range of $1.78 billion to $1.80 billion.
Rival Nike (NYSE: NKE) fell short of earnings estimates in its most recent quarterly report, sending shares tumbling. The company cited high product costs and weak international demand for the disappointing results.
Under Armour is up more than 5% to $51.07 in premarket trading, in a 52-week range of $26.31 to $53.93. Nike has slipped about 0.3% to $92.60 in premarket trading. Its 52-week range is $76.98 to $114.81.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.