Under Armour raises guidance
Baltimore-based athletic footwear and apparel company Under Armour Inc. has posted a 25% increase in earnings for its third quarter ended September 30, driven by strong sales growth across all categories, including a 49% increase in its women's division.
Net income was $20 million for the period compared with $16 million for the same period last year. Revenues grew 46% to $186.9 million from $127.7 million.
For the first nine months of the year, earnings grew 31% to $35.7 million from $27.1 million in the corresponding 2006 period. Revenues climbed 46% to $431.7 million from $295.4 million.
Consequently, the company has raised its 2007 earnings forecast to between $81.5 million and $83 million compared with previous estimates of $79 million to $81 million. Revenues are now expected to fall between $590 million and $600 million compared with earlier forecasts of $580 million to $590 million.
