Crocs Trounces Quarterly Earnings Estimates, Lifts 2007 Guidance
Crocs, which makes trendy, colorful plastic shoes, said Thursday second-quarter net income more than tripled, beating analyst expectations, helped by results in the U.S. and Europe.
Quarterly net income rose to $48.5 million, or 58 cents a share, from $15.7 million, or 19 cents a share during the same period last year. Sales more than doubled to $224.3 million, from $85.6 million a year ago.
Results are adjusted for a 2-for-1 stock split effected in June.
Analysts polled by Thomson Financial expected earnings of 44 cents a share on revenue of $192.7 million.
The company said demand footwear and accessories did well in the U.S. and Canada and that distribution increased in Europe.
The company raised its yearly outlook due to higher-than-expected orders and now expects EPS in a range of $1.89 and $1.93 a share, on revenue in a range of $810 million and $820 million.
Before a 2-for-1 stock split in June, the company previously forecast earnings of $2.90 to $2.95 per share on sales of $670 million to $680 million.
Analysts polled by Thomson Financial currently forecast earnings of $1.56 a share on revenue of $712.2 million.
For the third quarter, Crocs expects earnings between 58 and 62 cents a share on revenue of $240 million and $250 million, which also beats analysts' expectations for earnings of 43 cents a share on sales of $196 million.