Updated from 9:24 a.m. EST to reflect analyst comments in 8th paragraph.
NEW YORK (TheStreet) -- At least this cold snap is benefiting someone. Shares of Under Armour (UA) exploded after the athletic apparel retailer reported fourth-quarter results that far exceeded expectations driven by an expanded fleece portfolio and new ColdGear Infrared products.
Before market open on Thursday, shares had added 11.9% to $95.38. If momentum can be sustained through Thursday's session, this will mark the company's highest-ever trading level since floating in 2005.
While retailers struggled with an aggressively promotional holiday season, Under Armour managed to easily boost sales through direct-to-consumer avenues, such as factory stores and e-commerce. The segment saw a 36% year-over-year increase in sales and now accounts for 39% of total revenue.
The Baltimore-based business recorded fourth-quarter revenue 35% higher than a year earlier to $683 million, while per-share earnings jumped 27% to 59 cents. Analysts polled by Thomson Reuters had expected earnings of 53 cents a share on $620 million in revenue.
For the December-ended fiscal year, the company recorded earnings of $1.50 a share, 24% higher than a year earlier. Revenue of $2.33 billion, of which apparel sales contributed $1.76 billion, soared 27% from 2012.
"By any measure, 2013 was a banner year for the UA Brand. We surpassed $2 billion in net revenues for the year, which culminated with our 15th straight quarter of at least 20% total growth," said CEO Kevin Plank in a statement.
Under Armour raised its 2014 revenue outlook to a range of $2.84 billion to $2.87 billion, 22% to 23% higher than 2013 results, and handily beating analyst consensus of $2.77 billion.