Crocs 3Q net income rises 49 percent
NIWOT, Colo. (AP) — Crocs Inc., which makes colorful plastic shoes, said Wednesday that its net income rose 49 percent in the third quarter, helped by strength in the U.S. and Asia.
But the company said demand slowed in Asia, particularly Japan, as the third quarter progressed, and it offered a fourth-quarter outlook below analysts' expectations.
Shares fell 4 percent in after-hours trading.
Crocs has been expanding globally, diversifying its product lineup and opening more of its own stores. It operated 499 stores at the end of the quarter, up from 410 locations a year ago.
Like many consumer product makers that have expanded overseas, Crocs is facing weakness in Europe, but that was more than offset by strength in the U.S. and Asia during the quarter, the company said.
Net income for the three months ended Sept. 30 rose to $45.1 million, or 49 cents per share. That compares with $30.2 million or 33 cents per share last year. Analysts expected 43 cents per share, according to FactSet.
Revenue rose 8 percent to $295.6 million from $274.9 million last year. That missed analysts' expectations for $302.1 million.
Crocs, based in Niwot, Colo., said its backlog was up 33.2 percent to $395.4 million, as of September 30.
Crocs expects fourth-quarter net income per share to break even on revenue of $220 million. Analysts expect 10 cents per share on revenue of $235.4 million.
Shares fell $1.04, or 6.4 percent to $15.15 in aftermarket trading. The stock closed down 22 cents at $16.19 in the regular session.