Under Armour's FY 2024 financial results

Under Armour Raises Full-Year Guidance Amid Q3 Earnings Beat, Shares Surge 18.8%

Nov 7, 2024, 03:04 PM

Under Armour has reported its Q3 2024 earnings, showing a significant improvement in key financial metrics. The company posted an adjusted EPS of $0.30, surpassing the estimated $0.19. Revenue came in at $1.4 billion, slightly above the $1.38 billion estimate, although down 11% year-over-year. The gross margin increased by 200 basis points to 49.8%, and adjusted operating income was $166 million, excluding one-time items. Inventory levels decreased by 3% year-over-year to $1.1 billion. In addition, Under Armour raised its full-year income guidance amid a restructuring push, which has led to an 18.8% increase in pre-market trading. The company also lifted its FY25 EPS view to a range of $0.24 to $0.27, up from the previous $0.19 to $0.22. Despite the positive earnings, the company reiterated its outlook for a revenue decline at a low double-digit rate for the full year, with a 14% to 16% decline in North America, flat revenue in EMEA, and a high single-digit decrease in APAC.