Under Armour Inc. (NYSE: UA) is finding out that having a high earnings and revenue multiple demands that you do more than simply meet earnings expectations. The sports apparel company reported that net income was $11.7 million, or $0.05 in earnings per share. This is down from $13.5 million in net income a year ago, or $0.06 a share. Consensus analyst estimates called for $0.05 in earnings per share.

Revenue was $804.9 million, which is up from $641.6 million for the same quarter a year ago. Consensus estimates were $802.2 million. The 25% revenue gain would have been 27% has currency not been a factor.

Under Armour also gave guidance for the full year of 2015 with net income from operations as $400 million to $408 million on revenues of roughly $3.78 billion. The company’s prior guidance was a range of $397 million to $407 million in operating income, with revenues of roughly $3.76 billion. The consensus estimate is roughly $3.8 billion. This translates to 23% revenue growth and income growth of 13% to 15% versus 2014.

Gross margin for the first quarter was unchanged at 46.9%. This was shown to reflect favorable product margins in apparel and footwear, but they were offset by the impacts of higher air freight and foreign exchange rates.

Under Armour saw slightly higher selling, general and administrative expenses as a percentage of net revenues — at 43.5% versus 42.7% in the same period a year ago. The company said that this was primarily due to costs associated with the two acquisitions, including $6.3 million of one-time deal-related costs.

Lastly, Under Armour noted that its cash and cash equivalents rose 29% to $232 million at the end of the quarter, versus $180 million a year ago.

Under Armour has been one of the top performing S&P stocks of 2015, with gains of 29% year to date. Shares closed at $87.76 on Monday, after hitting an all-time high of $88.15. Shares were initially down 4.7% at $83.64 in the early trading indications on Tuesday.

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