Under Armour shares jump nearly 7% on Thursday after earnings beat estimates (UA)
Brandon Wade/AP
Stephen Curry and Jordan Spieth helped Under Armour rack up another strong earnings Thursday.
The sportswear company announced earnings of $0.04 per share against expectations of $0.02. Additionally, revenue jumped 30% from the same quarter last year to $1.05 billion, higher than analyst estimates of $1.04 billion. Operating profits also increased 26% year over year.
In the release accompanying the earnings, Under Armour CEO Kevin Plank attributed the success to reigning NBA MVP Steph Curry and nearly two-time Masters Champion Jordan Spieth.
The biggest source of growth for Under Armour in the quarter was footwear, which registered a 64% jump in revenue over Q1 2015, from $161 million to $264 million. Plank highlighted Curry and Spieth's influence.
"In footwear, this includes the remarkable success of the Stephen Curry signature basketball line, as well as the exciting launches of our first smart running shoe and our new line of Jordan Spieth inspired golf shoes," he said.
Plank has been enamored with the stars before, highlighting them in previous earnings for driving the brands success as it tries to keep up its scorching growth.
Curry in particular has been a huge boon for the company. Morgan Stanley analyst Jay Sole said in a recent note that if Curry continues his meteoric rise, the NBA sharpshooter could increase the company's market cap by $14 billion.
Following the report, shares of the company gained 6.8% on Thursday to close at $46.97.
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