Crocs shares rise after ‘record’ earnings report

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Crocs Inc. shares rose 2.9% in Tuesday premarket trading after the shoe company reported better-than-expected third-quarter earnings and revenue. Net income totaled $61.9 million, or 91 cents per share, up from $35.7 million, or 51 cents per share, last year. Adjusted EPS of 94 cents were up from 57 cents last year and beat the FactSet consensus for 70 cents. Revenue of $361.7 million increased from $312.8 million last year and beat the FactSet consensus for $344.0 million. Digital sales rose 35.5%. Retail comparable sales jumped 16.2%. “We achieved record third-quarter revenue and EPS despite the challenges presented by the global COVID-19 pandemic,” said Andrew Rees, chief executive officer of the company, in a statement. Cash and equivalents were $123.6 million as of Sept. 30. Excluding any potential impact from COVID-19-related shutdowns, Crocs is guiding for fourth-quarter revenue growth between 20% and 30%, and full-year revenue growth of 5% to 7%. FactSet forecasts fourth-quarter revenue of $286.0 million, suggesting 8.8% growth, and full-year revenue of $1.24 billion, implying a 1% rise. Crocs stock has rallied 24.7% for the year to date while the S&P 500 index is up 5.3% for the period.
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