Columbia Sportswear Q1 Profit Rises

(RTTNews) - Columbia Sportswear Company (COLM), Tuesday reported first-quarter net income of $22.3 million or $0.63 per share, compared to net income of $10.1 million or $0.29 per share last year.

Net sales for the quarter grew 22 percent to $424.1 million from $348.3 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.33 per share on revenues of $397.58 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal year 2014, the company expects sales growth of 16 to 18 percent, up from prior outlook of 15 percent to 17 percent. Analysts currently estimate growth of 16.10 percent.

Separately, the company said it agreed to buy prAna Living LLC for $190 million in cash, which is subject to customary working capital adjustments. The deal is expected to close during the second quarter.