- Under Armour Inc (NYSE:UA) shares are down Tuesday morning post fourth-quarter results. UA reported fourth-quarter FY23 sales growth of 8% year-on-year to $1.40 billion, beating the consensus of $1.36 billion.
- Wholesale revenue increased 10% Y/Y to $909 million, and direct-to-consumer revenue grew 3% to $454 million.
- Apparel revenue climbed 1% Y/Y, Footwear increased 27%, while Accessories revenue decreased 1%.
- Gross profit rose 0.3% Y/Y to $606.9 million, and the gross margin contracted 310 basis points Y/Y to 43.4%.
- Operating margin for the quarter was 2.5%, and operating income for the quarter was $35.3 million versus a loss of $(45.9) million last year.
- The company held $712 million in cash and equivalents as of March 31, 2023. Inventory was $1.2 billion.
- The company’s adjusted EPS was $0.18, beating the consensus of $0.15.
- Outlook: Under Armour sees FY24 revenue to be flat – up slightly. UA sees FY24 EPS of $0.47 – $0.51. It expects FY23 gross margin to be up 25 – 75 basis points.
- Price Action: UA shares are trading lower by 5.37% at $7.40 on the last check Tuesday.
Martin Marietta Materials Q4 Adj. EPS $3.04 Misses $3.07 Estimate, Sales $1.48B Beat $1.44B Estimate
Martin Marietta Materials (NYSE:MLM) reported quarterly earnings of $3.04 per share which missed the analyst consensus estimate of $3.07 by 0.98 percent. This is a 3.49 percent decrease over earnings of $3.15 per share
