Under Armour (UA) Tops Q1 EPS by 2c; Raises FY Revenue Outlook

Under Armour (NYSE: UA) reported Q1 EPS of $0.06, $0.02 better than the analyst estimate of $0.04. Revenue for the quarter came in at $642 million versus the consensus estimate of $598.78 million.

Under Armour sees FY2014 revenue of $2.88-2.91 billion, versus the consensus of $2.89 billion, representing growth of 24% to 25% over 2013, and 2014 operating income in the range of $331 million to $334 million, representing growth of 25% to 26% over 2013.

Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "We are off to a great start in 2014 driven by broad-based strength across our Apparel, Footwear, and International growth drivers. Our formula for driving newness and innovation in Apparel continues to resonate with consumers and helped deliver over 30% growth for our largest product category. That same model is contributing to success in Footwear, where we accelerated growth in running and brought award-winning product to the marketplace with the SpeedForm Apollo. Finally, we enhanced our ability to reach the global athlete, including the recent expansion of our brand in key Latin American markets, as well as strong gains across Europe and Asia."

Mr. Plank concluded, "This strong start to 2014 illustrates the unlimited potential that still lies ahead for our Brand, whether it is today's opening of our Brand House in New York City or our product hitting shelves for the first time in Brasil. Our opportunity requires that we remain focused on building powerful product platforms that service athletes at home and abroad, on and off the playing field. In the quarters ahead, we will continue to build upon some of our most recent platform launches like SpeedForm and ColdGear Infrared, while also delivering the overall product innovation and performance that athletes have come to expect from our Brand. Through the lens of our global Brand Holidays and leveraging our diverse array of sports marketing and Connected Fitness assets, we are well positioned to tell these stories in new and powerful ways."

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