Crocs Stock Jumps 12% On Q4 Earnings, Revenue Beat

Crocs, Inc. CROX shares are trading higher Thursday after the company reported better-than-expected fourth-quarter financial results before the market open. Here’s a look at the details:

The Details:

Crocs reported quarterly earnings of $2.58 per share which beat the analyst consensus estimate of $2.37 by 8.86%. The company reported quarterly sales of $960 million, beating the analyst consensus estimate of $958.22 million by 0.19% and representing a 1.57% increase over sales of $945.16 million from the same period last year.

“We delivered a record year for Crocs Inc. capped off by a strong fourth quarter that exceeded expectations across all metrics. Revenues of nearly $4 billion grew over 11% underpinned by industry-leading operating margins and double-digit earnings per share growth,” said Andrew Rees, CEO of Crocs.

“Crocs Brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution. We made good progress in the fourth quarter towards returning our HEYDUDE Brand to a pull-market position resulting in improved gross margins and healthy inventory levels exiting the year,” Rees added.

Crocs shares are climbing on above-average trading volume following the earnings report. According to data from Benzinga Pro, more than 3.88 million shares have been traded in the session, more than doubling the stock’s 100-day average volume of 1.551 million shares.

Outlook:

Crocs expects first-quarter adjusted earnings per share of between $2.15 and $2.25, versus the $2.24 estimate. Revenues are expected to be down 1.5% to up 0.5% year over year. In the first quarter, the Crocs Brand is projected to grow 6% to 8%, while the HEYDUDE brand is expected to contract 23% to 20%.

The company continues to expect total revenue growth of 3% to 5% on a year-over-year basis. Revenue for the Crocs Brand is expected to grow 4% to 6%, while revenue for the HEYDUDE Brand is projected to be flat to slightly up.

Related News: Why Fastly Stock Is Dropping Today

CROX Price Action: According to Benzinga Pro, Crocs shares are up 12.7% at $122.08 at the time of publication.

Image: from wikimedia