Crocs Q2 Profit Rises; Raises FY21 Revenue Guidance

(RTTNews) - Footwear company Crocs, Inc. (CROX) on Thursday posted higher second-quarter results, helped by record sales. The company also raised its full year 2021 revenue guidance and announced a roadmap to becoming a net zero emissions company by year 2030.

The company posted second-quarter net income of $319 million or $4.93 per share, higher than $56.6 million or $0.83 per share in the year-ago period.

Excluding certain items, income came in at $144.3 million or $2.23 per share, compared to $68.8 million or $1.01 per share in the same period last year.

On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of $1.52 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Sales for the three-month period soared 93 percent to $641 million from $331.6 million in the prior-year quarter, while analysts were looking for sales of $559.1 million in the period.

Looking ahead, the company expects third-quarter revenue growth to be between 60 percent-70 percent, compared to last year third quarter revenues of $361.7 million. Crocs also expects non-GAAP operating margin to be between 24 percent and 26 percent in the period.

For fiscal 2021, the company now expects revenue growth between 60 percent and 65 percent, higher than the earlier predicted revenue growth of between 40 percent and 50 percent, compared to 2020 revenues of $1.39 billion.

Additionally, the company said that it is now committed to becoming a net zero emissions company by 2030, prioritizing the mitigation of Scope 1, 2 and 3 CO2 equivalent emissions. Crocs hopes to achieve this by changing to sustainable ingredients, minimizing packaging, responsible resource use, and exploring innovative product afterlife solutions.