Under Armour profit tops Wall Street for ninth straight time
(Reuters) - Athletic apparel maker Under Armour Inc (UA.N) reported a higher-than-expected quarterly profit for the ninth straight time as customers scooped up its water-resistant clothing and new footwear products during the holiday season.
The company's shares rose as much as 8 percent on Thursday.
The maker of ColdBlack and the Armour Bra also forecast full-year revenue of between $2.20 billion and $2.22 billion, while analysts on average were expecting $2.22 billion.
"Top-line trends remain solid moving into full-year 2012. Apparel growth remains resilient with the 13th straight quarter of over 20 percent growth in the fourth quarter," Susquehanna Financial Group analyst Christopher Svezia said in a note.
Under Armour's apparel revenue rose 25 percent to $405 million in the fourth quarter, while footwear revenue jumped 43 percent to $45 million.
Oppenheimer & Co analyst Pamela Quintiliano said going forward the company's aggressive approach in marketing and new specialty store design should attract new and lapsed customers.
Under Armour, which is known for its clothing that draws sweat away from the body, said profit rose to $50.1 million, or 47 cents per share, for the quarter ended December 31 from $32.6 million, or 31 cents per share, a year earlier.
Revenue jumped 25 percent to $505.9 million.
Analysts on average had expected a profit of 46 cents per share on revenue of $497.7 million, according to Thomson Reuters I/B/E/S.
The company's shares were up 6 percent at $51.11 in late-afternoon trading on the New York Stock Exchange. They touched a seven-week high of $51.92 earlier.
(Reporting By Siddharth Cavale and Arpita Mukherjee and Maria Ajit Thomas in Bangalore; Editing by Maju Samuel)
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