Shares of Under Armour (NYSE: UAA) (NYSE: UA) are up about 1% after initially surging 6% in pre-open Tuesday after the company easily topped the market’s views for the second quarter.

Earnings per share (EPS) of $0.24 per share to smash the $0.06 per share expected from surveyed analysts. Revenue for Q2 was reported at $1.35 billion, again higher than the $1.21 billion expected.

"We are very pleased with Under Armour's better than expected second-quarter results, which reflect solid progress compared to both 2020 and 2019. Given the continued momentum, we're raising our full-year outlook, which puts us on track to achieving a solid performance in 2021," said Under Armour President and CEO Patrik Frisk.

"With the critical mass of our transformation behind us and the continued improvements across product, marketing, and our financial results, I believe this year sets a robust foundation that positions us well for our next chapter of profitable growth."

Sales in North America more than doubled to $905 million from the pandemic-shaped quarter a year ago. Wholesale revenue grew 157% to $768 million while D2C jumped 52% to $561 million.

The company guided for 2021 EPS of between $0.50 per share to $0.52 per share from the prior forecast of $0.28 to $0.30 per share. Full-year sales guidance was increased to low-20s. Analysts were looking for full-year adjusted earnings per share of $0.35 on sales of $5.35 billion.

BMO Capital Markets analyst Simeon Siegel described the full-year guidance as “conservative” given that UAA is a “prime example of a company that used a ‘Covid-Cover’ to refashion its business for multi-year success and return to under-promising and over-delivering.”

Similarly, Stifel analyst Jim Duffy reiterated his “Buy” rating and $26.00 per share price target on UAA. In a short note commencing Q2 results, the analyst wrote:

“The outlook for F3Q21 is better than prevailing Stifel and Street estimates, but the full amount of 2Q upside was not passed through to FY21 guidance, suggesting relative pressure to F4Q compared to our prior estimates. We expect this shape of guidance reflects conservatism related to supply-side uncertainty and perhaps incremental shipping costs.”