Crocs' First Quarter Results Lack Bite
Crocs (CROX) released its first quarter numbers Wednesday after the closing bell. Revenue came in at $198.5 million. The company posted a loss of $4.5 million or 5 cents per share, well below the $24.9 million or 31 cents per share it earned in the comparable period a year ago. Backing out special expenses (related to the closure of a Canadian production facility) it posted a profit of 9 cents per share.
These results were in line with their guidance in mid-April: A first quarter loss between five cents a share and break even on revenue of $195 to $200 million, and full year revenue growth between 15% and 20% over and above 2007 with earnings between $1.54 and $1.64 a share.
Management did back its full year forecast of between $1.54 and $1.64 a share on 15% to 20% revenue growth. The fact that the company was willing to come out and offer annual guidance so early in the year, in spite of obvious economic uncertainty, is also a positive.
What I don't understand is why the stock shot up almost 20% in early morning trading? Because they didn't do worse?
- Crocs is crashing
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