Net income totaled $4 million, or 1 cent per share, and compared with year-ago losses of $87.9 million, or 20 cents. Adjusted net income was $42 million, or 9 cents per share, surpassing analysts’ expectation for 4 cents per share.
Net revenue came in at $1.39 billion, up from $1.37 billion a year earlier and also topped the $1.38 billion analysts had pencilled in.
Within that, North America revenue decreased 6 percent to $965 million, but the firm’s international business increased 24 percent to $395 million.
“Our 2018 results demonstrate significant progress against our multiyear transformation toward becoming an even stronger brand and more operationally excellent company,” said Under Armour chairman and chief executive officer Kevin Plank.
“As we look ahead to 2019, our accelerated innovation agenda, disciplined go-to-market process and powerful consumer-centric approach gives us increasingly greater confidence in our ability to deliver for Under Armour athletes, customers and shareholders.”
The company made no changes to its 2019 outlook, which was provided at its December investor day — the first in three years, during which Plank detailed that losses will continue to shrink between now and 2023.
The daylong investor meeting was a chance for the company to shift focus toward its comeback plan and away from the roiling controversy stemming from revelations that, until recently, Under Armour executives were permitted to expense strip club visits.
It has since announced Tchernavia Rocker would be joining the group in the newly created position of chief people and culture officer to show just how serious it is about changing its culture after a difficult 2018.