Shares of footwear and apparel giant Deckers Outdoor Corp. (DECK) surged Friday after the company released better than expected third-quarter earnings.
The stock price of the Goleta, Calif.-based company, whose lineup of brands includes UGG, HOKA ONE ONE and Koolaburra, rose 10.5% to close at $141.88 on Friday.
Deckers reported non-diluted earnings per share of $6.59, up from $4.97 during the same period last year, beating the $5.31 per share of Zacks Consensus Estimate, which is based on analyst projections.
Third-quarter net sales rose 7.8%, hitting $873.8 million, up from $810.5 million during the same period last year. Operating income for the quarter came in at $244.7 million, up from $193.2 million last year, Deckers said.
The company also raised estimates for its annual earnings report as well, with Deckers fiscal year ending on March 31.
Deckers now expects 2019 earnings to come in between $7.85 and $7.95 a share. That's up from 2018's $5.74 a share and considerably higher than the consensus number of $6.91 of analysts surveyed by Zacks.
"With third quarter results delivered and an updated outlook for the full fiscal year 2019, I am pleased to say that we are now well ahead of schedule to deliver on the long term strategic goals we laid out two years ago," said Dave Powers, Deckers' president and chief executive officer, in a press release.