Under Armour Q2 Profit Rises, Increases Sales Outlook

(RTTNews) - Under Armour, Inc. (UA) reported that its second quarter net income increased 163% to $18 million compared with $7 million year ago. Earnings per share for the quarter were $0.16 versus $0.06 per share last year.

On average, 29 analysts polled by Thomson Reuters expected the company to report profit of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues increased 23% to $455 million compared to $369 million reported last year.

Gross margin was 48.3% compared with 45.9% last year, primarily reflecting lower year-over-year North American apparel and accessories product costs and favorable year-over-year sales mix. Selling, general and administrative expenses were 41.2% compared with 42.7% year ago, primarily reflecting the timing of marketing expenses.

The company also announced an update to its 2013 outlook. The Company had previously anticipated 2013 net revenues in the range of $2.21 billion to $2.23 billion, representing growth of 21% to 22% over 2012. Based on current visibility, net revenues is expected to be in the range of $2.23 billion to $2.25 billion, representing growth of 22% to 23% over 2012