Under Armour Inc. (UA:US), the maker of athletic apparel and shoes, advanced after raising its annual sales and profit forecasts amid increased demand.
The shares rose (UA:US) 5.6 percent to $51.08 at 8 a.m. in New York. Under Armour had gained 35 percent this year through yesterday.
Sales for 2012 will be as much as $1.82 billion compared to a previous forecast of a maximum of $1.8 billion, the Baltimore- based company said today in a statement. Analysts’ projected $1.81 billion, the average of estimates compiled by Bloomberg. Operating income may total as much as $207 million, up from a previous projection of as much as $205 million.
Second-quarter net income rose 6.8 percent to $6.67 million, or 6 cents a share, from $6.24 million, or 6 cents, a year earlier. Analysts projected 5 cents, the average of 27 estimates compiled by Bloomberg. Gross margin, or the percentage of sales left after cost of goods sold, declined to 45.9 percent from 46.3 percent a year ago.
Sales rose 27 percent $369.5 million in the quarter. Analysts projected (UA:US) $358.5 million.
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