Oct 28, 2008
Under Armour profit rises, cuts 2008 outlook
Oct 28, 2008
* Q3 EPS $0.51, higher than expected
* Cuts full-year outlook, citing economic environment
NEW YORK, Oct 28 (Reuters) - Under Armour Inc posted a higher-than-expected third-quarter profit on Tuesday, helped by strong sales, but the athletic apparel maker lowered its full-year outlook, citing the current economic environment.
Net income rose to $25.7 million, or 51 cents per share, from $20 million, or 40 cents per share, a year earlier.
Analysts, on average, expected a profit of 50 cents per share, according to Reuters Estimates.
Under Armour, which makes snug clothing that wicks sweat away from the body, said revenue rose 24.1 percent to $231.9 million, helped by increases in its women's and footwear businesses.
The Baltimore, Maryland company now expects revenue of $750 million to $765 million for the full year, and income from operations of $97.5 million to $104.5 million.
Its prior full-year outlook called for revenue of $765 million to $775 million, with income from operations of between $104.5 million and $105.5 million. (Reporting by Aarthi Sivaraman; Editing by Steve Orlofsky)
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