Skullcandy (SKUL) Misses Q1 EPS by 1c; Reiterates FY Outlook

Skullcandy (NASDAQ: SKUL) reported Q1 EPS of ($0.17), $0.01 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $46.3 million versus the consensus estimate of $45.1 million.

“We are pleased with our first sales quarter performance, particularly at retail, given the number of internal and external challenges we faced to start the year. Domestic sell-through of the Skullcandy brand grew more than twice as fast as the rest of the audio headphone industry, according to NPD, driven by triple digit growth of our expanded wireless offering. At the same time, Astro retail sales once again outpaced the competition despite significant supply constraints following a very strong holiday season. On the international front, we continued to take necessary actions to improve our China wholesale position which unfortunately offset solid growth in several of our other overseas markets and negatively impacted earnings per share by $0.02 cents versus our plan. We continue to be cautiously optimistic about our prospects for growth in the second half of 2016 as our innovative audio and gaming product introductions provide us with added momentum and some of the current top-line headwinds begin to subside,” said Skullcandy President and CEO, Hoby Darling.

GUIDANCE:

Skullcandy reiterates FY2016 EPS of $0.24-$0.26, versus the consensus of $0.26.

For earnings history and earnings-related data on Skullcandy (SKUL) click here.

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