Crocs Raises Full Year Guidance

(RTTNews) - Crocs, Inc. (CROX) said the company is raising 2023 revenue growth outlook to now be 11% to 14%, resulting in revenues of approximately $4.0 billion. Revenues for the Crocs Brand are projected to now grow 7% to 9% on a reported basis. Adjusted earnings per share is expected to now be between $11.17 and $11.73.

For the second quarter of 2023, the company expects: revenues to grow approximately 6% to 9%, and adjusted earnings per share of $2.83 to $2.98.

First quarter earnings came in at $149.54 million, or $2.39 per share compared with $72.76 million, or $1.19 per share, in last year's first quarter. Excluding items, Crocs reported adjusted earnings of $163.41 million or $2.61 per share for the period. Analysts on average had expected the company to earn $2.15 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 33.9% to $884.17 million from $660.15 million last year. Analysts on average had estimated $856.01 million in revenue.

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