Crocs shares soar 12% premarket after company forecasts record 2020 revenue despite pandemic

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Crocs Inc. shares soared more than 12% in premarket trade Monday, after the casual footwear maker raised its revenue guidance for 2020, saying it expects a record of $1.381 billion to $1.384 billion, smashing the FactSet consensus of $1.304 billion. “Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history,” Chief Executive Andrew Rees said in a statement. The company is expecting fourth-quarter revenue to climb about 55% to $407 million to $410 million, way ahead of its earlier guidance for growth of 20% to 30% and ahead of the $330 million FactSet consensus. For 2021, it is forecasting growth of 20% to 25% compared to 2020. Shares have gained 56% in the last 12 months, while the S&P 500 has gained 17%.
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