Under Armour: Remains On Track To Achieve FY24 Outlook

(RTTNews) - Under Armour, Inc. (UA, UAA) reported that its third quarter net income declined to $114.14 million or $0.26 per share compared to $121.62 million or $0.27 per share, prior year. Excluding a $50 million earn-out benefit in connection with the sale of the MyFitnessPal platform, the litigation reserve expense, and related tax impacts, adjusted net income was $84 million. Adjusted earnings per share was $0.19. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items.

Third quarter revenue was down 6 percent to $1.5 billion, or down 7 percent currency neutral. Analysts on average had estimated $1.51 billion in revenue.

For fiscal 2024, the company expects earnings per share to be $0.57 to $0.59. Excluding net positive impacts of $0.07, the company expects adjusted earnings per share to be $0.50 to $0.52. Revenue is projected to be down 3 to 4 percent, tightened from the previous expectation of a 2 to 4 percent decline.

"Despite a mixed retail environment during the holiday season, our third quarter revenue results were in line with our expectations; we were able to deliver better than anticipated profitability and remain on track to achieve our full-year outlook," said Under Armour President and CEO Stephanie Linnartz.

Shares of Under Armour are up 5% in pre-market trade on Thursday.

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