Investors drove shares of Under Armour Inc. higher in early trading today after the company showed some serious sales momentum in the second quarter, with a top-line gain of 34.1 percent.
Earnings, however, just inched ahead. The company’s net profits rose 0.7 percent to $17.7 million from $17.6 million. Earnings per share were flat at 8 cents.
Revenues for the quarter ended June 30 jumped to $609.7 million from $454.4 million. That result topped analyst expectations by more than $35 million.
Investors liked what they saw and pushed the stock up 11.7 percent to $67.70 in the opening minutes of trading on Wall Street.
“While we continued to add more dimension to our largest growth driver in apparel, we were particularly encouraged by the brand response we are seeing in both our footwear and international businesses,” said Kevin Plank, chairman and chief executive officer.
Apparel revenues rose 35 percent to $420 million in the quarter.
Under Armour now expects its revenues for the year to range from $2.98 billion to $3 billion, up from the prior forecast of $2.88 billion to $2.91 billion.