Under Armour Q1 Net Income Declines; Updates FY23 Outlook

(RTTNews) - Under Armour, Inc. (UA, UAA) posted first-quarter adjusted net income of $15 million or $0.03 per share. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.04, for the quarter. Analysts' estimates typically exclude special items.

Net income declined to $7.68 million or $0.02 per share from $59.21 million or $0.13 per share, previous year.

Revenue was flat at $1.35 billion, or was up 2 percent currency neutral. Wholesale revenue increased 3 percent to $792 million, and direct-to-consumer revenue decreased 7 percent to $521 million. Analysts on average had estimated $1.35 billion in revenue.

The company now expects fiscal 2023 adjusted earnings per share to be $0.47 to $0.53, compared to the previous expectation of $0.63 to $0.68. The company noted that there is no change to the previous expectation of 5 to 7 percent revenue growth. Excluding approximately 200 basis points of anticipated foreign currency headwinds, currency-neutral revenue is expected to be up 7 to 9 percent.

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