Under Armour (NYSE: UA) reported Q2 EPS of ($0.03), $0.04 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.08 billion.

"Our second quarter performance validates the strength of our multiple growth levers to deliver solid results in today's dynamic global environment," said Under Armour Chairman and CEO Kevin Plank. "More than doubling our business over the last three years has required significant investments and resources to build our brand. We are utilizing 2017 to ensure that operations across our diverse portfolio of sport categories, distribution channels and geographies are optimized as we are building a stronger, faster and smarter company."

GUIDANCE:

Under Armour sees FY2017 EPS of $0.37-$0.40, versus the consensus of $0.42.

Under Armour's Board of Directors has approved a restructuring plan to more closely align its financial resources to support the company's efforts to better serve the evolving needs of the changing consumer and customer landscape.

"As we stand up our category management structure within a consumer-led approach, we intend to meaningfully increase our go-to-market speed and amplify our digital capabilities," continued Plank. "We've identified a number of areas to enhance our operational capabilities, drive process improvement and gain greater efficiencies. We remain steadfast in driving and building our brand while shifting our operational focus to become more return-on-investment and cost of capital centric - institutionalizing discipline to deliver more consistent, long-term shareholder value."

In conjunction with this plan, the company expects to incur total estimated pre-tax restructuring and related charges of approximately $110-130 million in fiscal 2017, including approximately:

• Up to $70 million in cash related charges, consisting of up to: $25 million in facility and lease terminations, $15 million in employee severance and benefits costs, and $30 million in contract termination and other restructuring charges; and,
• Up to $60 million in non-cash charges comprised of approximately $20 million of inventory related charges and approximately $40 million of intangibles and other asset related impairments.

As part of restricting, Under Armour will cut 277 jobs, half of which will be at its corporate headquarters in Baltimore, a company spokesperson told Reuters.

For earnings history and earnings-related data on Under Armour (UA) click here.