Rocky Brands Inc rings up 3Q beat on EPS and revenue, shares slightly softer afterhours

Rocky Brands Inc (NASDAQ:RCKY) reported beats on Tuesday in both earnings per share and revenue for the third quarter due to strong sales of footwear and apparel, but shares were fractionally easier in afterhours trade.

Earnings per share came in at $0.60, almost double the year-ago level of $0.39 and the consensus of $0.39. Quarterly revenue reached $65.9 million, above the $64.67 million last year and the consensus of $65.5 million.

Net sales were $185.5 million and $186.2 million for the nine months ended September 30, 2018 and 2017, respectively.

The company reported net income of $10.9 million, or $1.47 per diluted share and a net income of $5.2 million, or $0.70 per diluted share for the nine months ended September 30, 2018 and 2017. Adjusted net income for the first nine months of 2018 was $10.4 million, or $1.40 per diluted share compared to an adjusted net income of $5.8 million, or $0.78 per diluted share in the prior year period.

Shares of Rocky Brands were off 0.57% to $25.32 in afterhours business, having closed on Tuesday at $25.47.

Small-Cap Snapshot: Rocky Brands steps it up in its second-quarter, stomping past analyst estimates

“The strategic initiatives that we’ve been executing over the past 12-months continued to drive sales growth in our two highest margin channels – wholesale and retail,” said Jason Brooks, president and CEO of Rocky Brands.

He added: “With our portfolio of authentic brands, internal manufacturing capabilities, and differentiated direct business-to-business model, we are confident that the company is well positioned to achieve profitable growth on an annual basis and generate increased shareholder value over the long-term.”

Rocky Brands is a leading designer, manufacturer and marketer of premium quality footwear and apparel. The company is based in Nelsonville, Ohio.

Reporting by Rene Pastor, contactable on [email protected]

Story by ProactiveInvestors