Crocs Jumps on Record Revenue, Strong Guidance
Shares of shoemaker Crocs, Inc. (CROX) - Get Crocs Inc. Report jumped premarket Tuesday after the company reported record first-quarter revenue and topped analyst estimates.
The Broomfield, Colorado-based company reported first quarter net income of $98.4 million, or $1.49 per share on record revenue of $460.1 million, up from $281.2 million last year. Analysts polled by FactSet were expecting EPS of 88 cents per share on revenue of $416 million.
Shares of Crocs were rising 11.2% to $94.37 per share in premarket trading on Tuesday.
"Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels," CEO Andrew Rees said.
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The company raised its full-year guidance as a result of the strong first quarter and strong consumer demand for its shoes. For the year, the company expects revenue growth between 40% and 50% from $1.386 billion, compared to FactSet expectations for growth of 25.2%.
For the second quarter, the company expects revenue growth year-over-year between 60% to 70% from $332 million, compared to the FactSet consensus for growth of 40.1%.
In January, the company reported fourth-quarter earnings of $1.06 per share compared to analyst expectations of 81 cents per share for the fourth quarter.
And in October, Crocs reported third quarter earnings of 91 cents a share on revenue of $361.7 million, compared with analyst estimates of earnings of 69 cents a share and revenue of $344.3 million.
Third-quarter revenue rose 16% to $361.7 million from $312.8 million.
