Crocs' 3Q Profit Full of Holes
NIWOT, Colo. (TheStreet) -- Crocs' return to profitability appears to be riddled with more holes than the footwear maker's ubiquitous shoes. And investors are seeing through the company's move into the black, sending shares tanking in afternoon trading.
Despite swinging to a profit, the stock is tumbling 16.2% to $5.74, as Croc's upswing comes predominantly through a massive one-time tax gain.
During the quarter, the company earned $22.1 million, or 25 cents per share, compared to a loss of $148 million, or $1.79, a year earlier.
Results included a one-time $14.4 million tax benefit, a one-time $9.6 million gain from sales and $3.6 million in charges for write-downs, restructuring and charitable donations. Excluding these items, the company would have actually earned just a penny a share, beating analysts' forecast of a loss of 8 cents.
Revenue inched up 2% to $177.1 million from $174.2 million, as the company saw growth in its retail, wholesale and online sales. Still, the profit does not appear to be built to last. Crocs expects a fourth-quarter loss of 15 cents to 20 cents a share. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
