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Crocs Reports Earnings Growth of 258% on Sales Surge

CNBC.com
Thursday, 3 May 2007 | 5:21 PM ET

Crocs said first-quarter net income nearly quadrupled, fueled by strong domestic and international sales.

Earnings rose to $24.9 million, or 61 cents a share, from $6.4 million, or 17 cents a share during the same period a year ago. The company, which makes popular plastic slip-on shoes, also said sales tripled to $142 million, from $44.8 million a year ago.

Analysts polled by Thomson Financial expected earnings of 49 cents on revenue of $114 million.

The stock jumped more than 12% in after-hours trading.

Crocs also raised 2007 forecasts, saying it expects earnings in a range of $2.90 to $2.95 a share on revenue of $670 to $680 million. The guidance came in well above analysts' current 2007 consensus estimate of $2.42 a share in earnings on revenue of $540 million.

The company said U.S. sales of its new spring/summer collection and licensed and Jibbitz business helped first-quarter results, while older models did well in international markets.

Crocs' shoes -- made of a proprietary closed-cell resin material that comes in every hue of the rainbow -- feature holes across the top and around the toes.

The company also declared a two-for-one stock split set for June 14 for shareholders of record on May 31.

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