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Crocs Reports Record Q2 Revenue but Shares Tumble as Earnings Miss Estimates (CROX)

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Crocs Inc. (NASDAQ: CROX), a designer, manufacturer and distributor of footwear and accessories for men, women and children, reported record second-quarter revenue. However, the company’s shares have tumbled in trading today as earnings fell well short of consensus forecast. The company’s outlook for the third quarter also fell short of Street estimates.

For the quarter ended June 30, 2013, Crocs reported record revenue of $363.8 million, up 9.9% on a year-over-year basis. John McCarvel, President and CEO of Crocs, said that the increase in the company’s second-quarter revenue reflects the global appeal of the Crocs brand, the success of the company’s new spring/summer collections, combined with the ongoing strength of the company’s core-product line-up.

The company’s profit for the second quarter came in at $35.4 million, or $0.40 per share, compared with net income of $61.5 million, or $0.68 per share reported for the same period in the previous year. Excluding one-time items, the company’s earnings for the quarter was $0.48 per share, down from $0.68 per share reported for the same period in the previous year. The company’s adjusted earnings for the quarter fell short of consensus forecast of $0.63 per share.

For the third quarter, the company expects earnings to be between $0.20 per share and $0.23 per share, and revenue to be between $300 million and $310 million. This is well below the consensus forecast of earnings of $0.36 per share, and revenue of $325.3 million.

CROX shares were last trading 21.20% lower at $13.38 on above average volume of 8.49 million. The stock hit an intra-day low of $12.97 earlier today.

 








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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