Under Armour (NYSE:UA) fell early Tuesday despite the company’s fiscal-fourth quarter results beating expectations on the top and bottom lines, according to Refinitiv. The company’s full-year outlook for revenue and earnings per share came up short of expectations, however. Under Armour projected earnings between 47 cents per share and 51 cents per share over the next year, compared to 61 cents expected by analysts.
Net Income was $171 million. Excluding an $87-million benefit primarily from a tax valuation allowance release related to prior-period restructuring, adjusted net income was $84 million. Revenue was up 8% to $1.4 billion (up 10% currency neutral).
"I'm honored to lead this iconic brand, and I'm pleased that Under Armour delivered fiscal 2023 revenue and earnings results that were in line with our previous outlook," said Stephanie Linnartz. "Fiscal 2024 will be a year of building for the brand. I am prioritizing significantly amplifying global brand heat; delivering elevated design and products, with a focus on Sportstyle, footwear, and women; and positioning us to drive better sales growth in the United States."
Linnartz continued, "We will leverage our strong portfolio of franchises, including Heat Gear, Cold Gear, and compression apparel, to drive innovation across new products and markets. We must deliver better for athletes and our customers and meaningfully increase returns for shareholders in the years ahead. My job is to make that vision a reality."
UA shares backpedaled 40 cents, or 5.1%, to $7.42.
