Under Armour (UA) Tops Q3 EPS by 4c; Reaffirms FY16 Outlook
Under Armour (NYSE: UA) reported Q3 EPS of $0.29, $0.04 better than the analyst estimate of $0.25. Revenue for the quarter came in at $1.47 billion versus the consensus estimate of $1.46 billion.
Gross margin for the third quarter of 2016 was 47.5% compared with 48.8% in the prior year's period, primarily reflecting negative impacts from the timing of liquidation, increased promotions, and foreign exchange rates, partially offset by continued product cost margin improvements.
Guidance:
Based on current visibility, the Company continues to expect 2016 net revenues of approximately $4.925 billion, representing growth of 24% over 2015, and 2016 operating income of $440 million to $445 million, representing growth of 8% to 9% over 2015. Below the operating line, the Company expects interest expense of approximately $30 million, an effective full year tax rate of approximately 35.5%, and fully diluted weighted average shares outstanding of approximately 446 million.
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