Amer Sports, Inc. (AS) Misses Q1 EPS by 3c, Offers FY24 Guidance
Amer Sports, Inc. (NYSE: AS) reported Q1 EPS of $0.08, $0.03 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $1.2 billion.
Amer Sports is updating guidance for the year ending December 31, 2024 (all guidance figures reference adjusted amounts):
Reported revenue growth: Mid-teens %
Gross margin: approximately 54.0%
Operating margin: 10.5% - 11.0%
D&A: approximately $250 million, including approximately $110 million of ROU depreciation
Net finance cost: $215 - $225 million, including approximately $30 million of finance costs in the first quarter 2024 that won’t be recurring
Effective tax rate: approximately 38%
Fully diluted share count: 500 million
Fully diluted EPS: toward the high end of the previous guidance range of $0.30 to $0.40, including a $0.03 - $0.04 negative impact to EPS from non-recurring finance costs in 1Q24
Technical Apparel: >25% revenue growth; segment operating margin slightly above 20%
Outdoor Performance: mid-to-high-single-digit revenue growth; segment operating margin high-single digit %. Note: ENVE contributed approximately $25 million of annual sales to the Outdoor Performance segment.
Ball & Racquet: low-to-mid single-digit revenue growth, and low-to-mid single-digit segment operating margin
For earnings history and earnings-related data on Amer Sports, Inc. (AS) click here.