Shares of Under Armour Inc. shot up 9 percent in trading Tuesday after the company posted second-quarter results that topped expectations and boosted guidance for the year.
Net income rose 6.8 percent to $6.7 million from $6.2 million. Earnings per share were flat at 6 cents — 1 cent better than analysts expected. Revenues for the three months ended June 30 jumped 26.8 percent to $369.5 million from $291.3 million. Apparel revenues rose 23.5 percent to $252.8 million, while footwear revenues rose 43.8 percent to $67.4 million.
The company said a shift of marketing expenses into the second quarter kept the sales gains from sifting down to the bottom line.
“As we head into the second half of the year, the opportunities for our brand have never been greater,” said Kevin Plank, chairman, chief executive officer and president. “Sustaining our momentum in footwear and women’s will be a priority and we are elevating the messaging behind these opportunities to help drive further awareness with our consumers.”
Under Armour boosted its 2012 projection for operating income to a range of $205 million to $207 million from the previously expected $203 million to $205 million. The goal post for revenues was also set higher, to a range of $1.8 billion to $1.82 billion from the prior projection of $1.78 billion to $1.8 billion.
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