Under Armour shares rise after it tops estimates
Under Armour Inc. shares rose 2% in premarket trades on Thursday after the athletic clothing maker topped analyst estimates for adjusted earnings and revenue. The Baltimore-based company said its second-quarter net income fell to $86.83 million, or 19 cents a share, from $113.44 million, or 24 cents a share, in the year-ago quarter. Adjusted net income totaled 20 cents a share. Second-quarter revenue rose to $1.57 billion from $1.55 billion. Wall Street analysts expected Under Armor to earn 16 cents a share on revenue of $1.55 billion, according to FactSet data. Looking ahead, the athletic clothing maker trimmed its fiscal 2023 revenue to increase at a low single-digit percentage rate, down from its earlier guidance of up 5% to 7%.
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