Under Armour shares surge as earnings top estimates, retailer hikes outlook

Under Armour reported Tuesday fiscal second-quarter profit and sales that topped analysts’ estimates as its turnaround efforts took hold and shoppers bought more of its merchandise at full price.

The athletic apparel maker also hiked its outlook for the full year, anticipating that its momentum will build. It now expects fiscal 2021 revenue to rise at a low-20s percentage, compared with a previous forecast of a high-teen percentage increase.

Under Armour shares were climbing around 6% in extended trading.

Here’s what Under Armour reported for the three-month period ended June 30, compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: 24 cents adjusted vs. 6 cents expected
• Revenue: $1.35 billion vs. $1.21 billion expected

In the quarter ended June 30, Under Armour swung to a profit of $59.2 million, or 13 cents per share, from a loss of $182.9 million, or 40 cents per share, a year earlier. Excluding one-time charges, the company earned 24 cents per share. Analysts surveyed by Refinitiv had been looking for 6 cents.

Revenue climbed 91% to $1.35 billion from $707.6 million a year earlier, beating estimates for $1.21 billion.

“I believe this year sets a robust foundation that positions us well for our next chapter of profitable growth,” CEO Patrik Frisk said in a statement.

Find the full earnings press release from Under Armour here.

This story is developing. Check back for updates.