Why Crocs Stock Is Sliding Today

Crocs Inc CROX shares are trading lower Thursday after the company reported strong financial results, but issued weak guidance.

Crocs said second-quarter revenue increased 50.5% year-over-year to $964.6 million, which beat the estimate of $937.44 million, according to data from Benzinga Pro. The company reported quarterly earnings of $3.24 per share, which beat the estimate of $2.66 per share. 

Crocs brand generated quarterly revenue of 732.2 million, while HEYDUDE revenues totaled $232.4 million in the second-quarter.

"HEYDUDE continues to outperform our expectations and we now expect nearly $1 billion in pro forma revenues this year," said Andrew Rees, CEO of Crocs.

Crocs expects third-quarter revenue to be between $915 million and $955 million versus the estimate of $961.91 million. Full-year revenue is expected to be between $3.395 billion and $3.505 billion versus the estimate of $3.47 billion.

Crocs sees full-year adjusted earnings in a range of $9.50 to $10.30 per share versus the estimate of $10.35 per share. 

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CROX Price Action: Crocs has a 52-week high of $136.81 and a 52-week low of $46.08.

The stock was down 4.81% at $73.66 at press time.

Photo: Gustavo Devito from Flickr.