BALTIMORE, United States — Under Armour Inc raised its full-year profit forecast on Tuesday after reporting third-quarter results that topped Wall Street estimates, as the sportswear maker benefited from higher overseas sales and lower expenses.
Shares of the Baltimore-based company, which has risen about 26 percent this year as it strives to recover momentum in its battle to become one of the big players in global sportswear, rose 5.6 percent to $19.2 in premarket trading.
The company has spent heavily on international markets, as it shifts focus from its North America business where sales have stagnated in the face of stiff competition from sneaker giants like Nike Inc and Adidas AG .
The company raised its full-year adjusted earnings per share guidance to between 19 cents and 22 cents from a prior guidance of 16 to 19 cents.
Net revenue rose 2.4 percent to $1.44 billion, edging past analysts' average estimate of $1.42 billion, according to Refinitiv data.
Net profit rose to $75.3 million, or 17 cents per share, in the quarter ended Sept. 30, from $54.2 million, or 12 cents per share, a year earlier
Excluding certain items, Under Armour earned 25 cents per share, beating analysts' estimate of 12 cents.
By Uday Sampath; editor: Arun Koyyur.