Crocs Earnings Soar; Expects Strong First Quarter
Shoemaker Crocs posted better-than-expected quarterly earnings and gave a first-quarter outlook above analysts' view, sending the shares up nearly 6% in late electronic trade.
Shares of Crocs rose about $2 to $57.80 in late electronic trade, after closing at $56 in regular trade on the Nasdaq Tuesday.
The maker of vibrantly colored shoes, clogs and boots reported earnings of 51 cents a share on revenue of $112.9 million, compared with analysts' estimates of 43 cents a share, on revenue of $96.5 million.
Strong fourth-quarter results were helped by ongoing demand for the company's classic footwear in both domestic and international markets and growing consumer acceptance of the company's new styles, Crocs said in a statement.
Looking forward, the company said it expects to earn 47 cents to 49 cents a share, on revenue of $113 million to $117 million.
Analysts expect the company to earn 35 cents a share, excluding items, on revenue of $83.9 million, according to Reuters Estimates.