NEW YORK (TheStreet) -- Shares of Crocs (CROX) - Get Report are soaring 31.82% to $10.19 on heavy trading volume on Tuesday afternoon after the Niwot, CO-based company reported strong results for the 2016 first quarter.
Before today's opening bell, the casual footwear company posted earnings of 7 cents per diluted share, exceeding analysts' projections of 5 cents per share.
Revenue for the period was $279.1 million, above analysts' expectations of $265.9 million.
"We are pleased with our start to the new year. First quarter revenue increased 6.5%, driven by the positive response to our spring/summer 2016 line and operational improvements," CEO Gregg Ribatt said in a statement.
For the second quarter, the company forecasts revenue between $340 million and $350 million, below analysts' estimates of $358.4 million.
Additionally, revenue growth is expected to be in the mid-single digits on a constant currency basis in the first half of the year compared to last year, Crocs said.
About 7.84 million of the company's shares were traded so far today compared to its average volume of 777,225 shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CROX