: Under Armour ekes out profit instead of expected loss as revenue tops estimates

Under Armour Inc. blew past earnings estimates for its fiscal first quarter on Tuesday, posting a small profit instead of an expected loss, and said it was making no changes to the guidance provided in May. The Baltimore-based sporting goods retailer said it had net income of $8.549 million, or 2 cents a share, for the quarter to June 30, up from $7.682 million, or 2 cents a share, in the year-earlier period. Revenue fell to $1.317 billion from $1.349 billion a year ago. The FactSet consensus was for a loss of 2 cents a share and revenue of $1.294 billion. “Our international and direct-to-consumer businesses, both of which realized solid growth in the quarter, continue to deliver aside a challenging consumer retail environment in North America,” Chief Executive Stephanie Linnartz said in a statement. “Based on this performance, we are maintaining our outlook for fiscal 2024.” The company is still expecting fiscal 2024 revenue to be flat to slightly higher and for EPS to range from 47 cents to 51 cents. The stock was slightly lower premarket and is down 21% in the year to date, while the S&P 500 SPX has gained 17.7%.

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