Under Armour Backs Earnings View, Cuts FY24 Revenue Guidance - Update

(RTTNews) - Under Armour, Inc. (UA), an apparel manufacturer, while reporting higher earnings for the second quarter, on Wednesday confirmed its fiscal 2024 earnings guidance and cut its revenue outlook.

For the year, the company continues to expect earnings in the range of $0.47 per share to $0.51 per share.

The company now expects its revenue guidance down 2 to 4 percent compared to the previous expectation of "flat to up slightly."

On average, 13 analysts polled by Thomson Reuters expect earnings of $0.5 per share for the year. Analysts' estimates typically exclude special items.

In its second quarter, the company reported earnings of 109.61 million, or $0.24 per share, compared to $86.93 million, or $0.19 per share, in last year's second quarter.

Analysts had expected the company to earn $0.21 per share.

The company's revenue was flat for the quarter at $1.56 billion compared to $1.57 billion last year.

In pre-market activity, Under Armour shares are trading at $6.85, up 2.24% on the New York Stock Exchange.

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