Under Armour beats by $0.05, beats on revs; guides FY19 EPS in-line, reaffirms FY 19 revs guidance
- Reports Q1 (Mar) earnings of $0.05 per share, $0.05 better than the S&P Capital IQ Consensus of ($0.00); revenues rose 1.6% year/year to $1.2 bln vs the $1.18 bln S&P Capital IQ Consensus.
- Wholesale revenue increased 5 percent to $818 million and direct-to-consumer revenue was down 6 percent to $331 million, representing 27 percent of total revenue.
- North America revenue decreased 3 percent to $843 million and the international business increased 12 percent to $328 million (up 17 percent currency neutral), representing 27 percent of total revenue.
- Gross margin increased 100 basis points to 45.2 percent compared to the prior year driven by product cost improvements, regional mix and prior period restructuring charges, offset by channel mix.
- Co issues in-line guidance for FY19, sees EPS of $0.33-0.34 vs. $0.34 S&P Capital IQ Consensus.
- Previous EPS guidance of $0.31-0.33
- Revenue is expected to be up approximately 3 to 4 percent reflecting relatively flat results for North America and a low double-digit percentage rate increase in the international business.
- Gross margin is now expected to increase approximately 110 to 130 basis points compared to 2018.
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