Crocs Turns To Profit In Q1; Sees Q2 Revenues Below Market Estimates

(RTTNews) - Footwear maker Crocs Inc. (CROX) reported Tuesday that its first-quarter net income attributable to stockholders was $6.36 million or $0.07 per share, compared to a net loss of $5.98 million or $0.08 per share in the prior year.

Adjusted attributable net income was $6.4 million, compared to net income of $4.7 million in 2015.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 6.5% to $279.1 million from $262.19 million a year ago. On a constant currency basis, revenue increased 9.2%, driven by the positive response to spring/summer 2016 line and operational improvements.

Analysts expected revenues of $265.90 million.

Looking ahead, the company expects second quarter 2016 revenue in the $340 to $350 million range compared to $345.7 million last year. This guidance reflects the timing impact from earlier shipments in the first quarter. Analysts expect revenues of $358.37 million for the quarter.

Additionally, revenue growth is anticipated to be in the mid-single digits, on a constant currency basis, in the first half of the year compared to the first half of 2015.