Under Armour spikes after losing less money than expected
Under Armour's stock surged after the company posted a first-quarter loss that was less than analyst forecasts.
The adjusted loss for the period was $0.01 per share, beating analyst estimates of a $0.04 cent per share deficit. The athletic apparel company also reported quarterly revenue of $1.12 billion, exceeding a consensus forecast of $1.11 billion.
"Our first quarter results were in line with our expectations and we're off to a solid start in 2017," CEO Kevin Plank said in a statement. "By proactively managing our growth to deliver superior innovative product, continuing to strengthen our connection with consumers and increasing our focus on operational excellence - we have great confidence in our ability to drive toward our full year targets."
The strength seen in Under Armour's stock is welcome news for shareholders that have seen the company lose more than 50% of its market value over the last year. That included a 23% single-day drop on Jan. 31, the biggest loss in nine years, when Under Armour's 2017 sales forecast badly missed analyst estimates.
Following the first-quarter earnings news, shares of Under Armour rose 7% to $19.50 a share as of 8:18 a.m. ET.
Caterpillar posts dynamite earnings but warns of 'geopolitical and market uncertainty'
We're about to get a clear example proving the stock market is not the economy
Ford, GM, and FCA are reporting earnings this week — here's what to expect