Crocs Q3 Misses on Net and Revenue, Boosts Share Buyback
Crocs stock is down following a lackluster earnings release from the shoemaker. The company said its Q3 revenue was $289 million, down from the $296 million in the same period of 2012. Net income landed at more than $13.0 million ($0.15 per diluted share), or less than a third of Q3 2012's $45.1 million ($0.49).
Analysts had expected revenue of $292 million and EPS of $0.19.
The company provided forward guidance for its Q4. Revenue for the period is anticipated to be $220 million to $225 million, and a per-share loss of $0.20 to $0.23 is projected.
Crocs also announced that it has expanded its existing share buyback program. Its board has approved the repurchase of an additional 15 million shares, bringing the total authorized amount to roughly 17.8 million.
Following the announcement of the news, the company's stock sagged by 1%, or $0.14, to $13.04 in after-hours trading. At the moment, Crocs has just under 91.6 million shares outstanding.
The article Crocs Q3 Misses on Net and Revenue, Boosts Share Buyback originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Crocs. The Motley Fool owns shares of Crocs. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.