Athletic apparel maker Under Armour Inc (NYSE:UA) this morning posted better-than-expected earnings results as non-U.S. sales surged from last year, showing strong growth potential in overseas markets.
The Baltimore-based company reported Q3 EPS of $0.29, versus analyst expectations of $0.25. Revenue rose 22.1% from last year to $1.47 billion, also beating Wall Street’s view of $1.45 billion.
Looking ahead, UA reaffirmed its prior full-year revenue outlook of $4.93 billion, which is roughly in line with the $4.94 billion analysts are expecting. Under Armour also reiterated its operating income forecast of $440 million to $445 million.
International revenue growth led the way in the quarter, surging 74% from last year, or 80% on a constant currency basis.
The company commented via press release:
Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, “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.”
Under Armour shares rose $0.70 (+1.85%) to $38.60 in premarket trading Tuesday. Prior to today’s report, UA had fallen 8.7% year-to-date.