Under Armour Updates FY23 Earnings Outlook

(RTTNews) - Under Armour, Inc. (UA, UAA) said the company now expects fiscal 2023 adjusted earnings per share to be $0.52 to $0.56 versus the previously expected range of $0.44 to $0.48. Excluding the litigation reserve, adjusted operating income is expected to reach $290 to $310 million. Diluted earnings per share is expected to be $0.71 to $0.75.

For 2023, the company's revenue growth is unchanged from the previous expectation of a low single-digit percentage rate increase on a reported basis, up at a mid-single-digit percentage rate on a currency-neutral basis. Capital expenditures are now expected to be approximately $200 million, down from the prior guidance of approximately $225 million.

Third quarter net income increased to $121.62 million or $0.27 per share from $109.66 million or $0.23 per share, last year. Adjusted earnings per share was $0.16, for the quarter.

Net revenues increased to $1.58 billion from $1.53 billion, prior year. Footwear revenue increased 25 percent to $354 million.

Cash and cash equivalents were $850 million at the end of the quarter, and no borrowings were outstanding under the $1.1 billion revolving credit facility.

Shares of Under Armour are up 8% in pre-market trade on Wednesday.