Under Armour Issues FY20 Outlook; Announces Agreement To Sell MyFitnessPal Platform

(RTTNews) - Under Armour, Inc. (UA, UAA) said, for fiscal 2020, the company projects adjusted loss per share to be in the range of $0.47 to $0.49. Revenue is expected to be down at a high-teen percentage rate compared to 2019 results.

For the fourth quarter, the company now expects revenue to be down at a low-teen percentage rate, versus the previous down 20 to 25 percent guidance.

Third quarter adjusted earnings per share was $0.26. Revenue was flat at $1.4 billion compared to the prior year.

Under Armour also has entered into a definitive agreement to sell the MyFitnessPal platform to Francisco Partners. The transaction value is $345 million.

"As part of our ongoing transformation, we are committed to actively managing our business to ensure that our strategies and assets are prioritized to connect even more deeply with our target consumer - the Focused Performer," said Under Armour CEO Patrik Frisk.