Under Armour Guides Lower

Under Armour (UA Quote) matched first-quarter targets but guided lower for the second quarter, citing rising marketing spending.

The Baltimore-based athletic apparel maker posted earnings of $9.9 million, or 20 cents a share, for the quarter ended March 31, up from the year-ago $8.7 million, or 18 cents a share. Revenue rose to $124 million from $88 million a year earlier.

Analysts surveyed by Thomson Financial were looking for a 20-cent profit on sales of $120 million.

Under Armour said it expects to make 2 to 3 cents a share for the second quarter, shy of the 7-cent Thomson target, due to the timing of marketing spending. The company said it continues to expect to spend 10%-12% of full-year revenue on marketing this year. Under Armour reaffirmed its full-year revenue estimate of $560 million to $580 million.

Analysts were looking for revenue of $584 million for the year.