Crocs Lifts Full-Year Outlook After Q2 Beat; Stock Drops 11% on Q3 Miss
CROX sits 64% above its 52-week low of $73.205.
Summary
Crocs raised its full-year revenue and earnings guidance after a strong Q2, but the stock fell 11% premarket as Q3 guidance came in below expectations. Q2 revenue of $1.18B beat estimates by $30M, and adjusted EPS of $4.55 topped by $0.20. Full-year revenue is now seen up 1-2% (vs. prior -1% to +1%), and adjusted EPS is guided to $13.70-$14.00, up from $13.20-$13.75. The HEYDUDE brand's decline is now expected at 2-4%, an improvement from the prior 5-7% drop. However, Q3 revenue is expected flat year-over-year, and adjusted EPS of $3.20-$3.30 missed the $3.53 consensus. This follows an earlier report today highlighting the Q3 disappointment, but the full-year raise and Q2 beat are new details. The expanded $1.5B buyback authorization adds support.
At the time of this announcement, CROX was trading at $119.78 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $6.6B. The 52-week trading range was $73.21 to $140.42. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.