BALTIMORE, United States — Under Armour Inc., providing a long-range outlook to shareholders at its investor day meeting, expects to reach $7.5 billion in revenue by 2018, lifted by an expansion into new markets.
While that figure is in line with analysts’ estimates, the company said on Wednesday that it’s outpacing its internal forecasts. Under Armour now expects to reach $4 billion in revenue a year earlier than previously targeted.
Shares of the Baltimore-based company rose as much as 4.6 percent to $103.25 after the presentation, climbing into record territory. The stock was already up 45 percent this year through Tuesday’s close.
Under Armour, which got its start producing polyester workout shirts aimed at football players in the 1990s, has fueled growth by continually pushing into new categories. It also has signed endorsement deals with overachieving athletes, including basketball star Stephen Curry and golfer Jordan Spieth. Curry led the Golden State Warriors to a National Basketball Association championship this year, further raising Under Armour’s profile.
Sales in the most recent quarter rose 29 percent to $783.6 million, topping the average analyst estimate of $761.8 million. The company exceeded $3 billion in sales last year.
By Nick Turner, Courtney Dentch; editor: Kevin Orland.