Nike better start keeping an eye out, as there’s a new up and comer in the athletic footwear and industry.
Maryland-based Under Armour reported in-line first-quarter earnings per share, and slightly raised its revenue outlook. Following the earnings release, however, shares were off close to 2% in early trade as analysts and investors had hoped for a bigger boost to full-year revenue guidance. Of interest, the firm’s management also highlighted recent PGA Master’s winner Jordan Spieth as an “Under Armour athlete.”
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Details on Under Armour first quarter earnings report
The well-known athletic footwear and apparel company reported first quarter earnings per share of $0.05, meeting consensus analysts estimates, on revenue of $805 million, just above consensus projections for revenue of $802.5 million.
Of note, the firm’s earnings were off 13% in the March quarter due to currency volatility and costs related to prior acquisitions.
The company also reported that apparel revenue grew 21% to $555 million, while footwear revenue was up 41% to $161 million.
The forward guidance provided by the firm, however, was disappointing, with Under Armour only boosting its full-year revenue projection to $3.78 billion from $3.76 billion, below consensus expectations for revenue above $3.82 billion.
The firm also focused on the recent success of Jordan Spieth, its 21-year-old PGA golf star who won the Masters tournament and tied the course record two weeks ago, in its earnings presser.
Under Armour CEO Kevin Plank said: “We are incredibly proud that Under Armour athlete Jordan Spieth captured the Green Jacket in record-setting fashion at The Masters last week. At just 21, Jordan is already firmly entrenched on the global sports stage and we look to support Jordan throughout his career winning major championships as he adds to his legacy.”
Under Armour has been working for several years to build up its footwear offerings and expand its concept stores, as well as developing new international markets for a brand more known to American consumers for its performance athletic apparel.