Under Armour, Inc. (NYSE/UA) reported its second-quarter earnings on Thursday, beating Wall Street’s expectations.
Shares of Under Armour climbed over seven percent on Thursday morning trading to around $90.02.
Under Armour reported financial results for the second quarter ended June 30, 2015. Net revenues increased 29% in the second quarter of 2015 to $784 million compared with net revenues of $610 million in the prior year. (Source: Under Armour, July 23, 2015.)
Net income decreased 17% in the second quarter of 2015 to $15.0 million compared to $18.0 million in the prior year. Diluted earnings per share for the second quarter of 2015 were $0.07 compared to $0.08 per share from last year’s same period; inclusive of the impacts of the Endomondo and MyFitnessPal acquisitions.
Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, “More than ever before, this year has highlighted that the right investments are key to not only driving near-term results, but building the foundation for the unlimited potential of the Under Armour Brand.”
The company invested heavily on marketing its brand through a variety of athletes, including NBA MVP and world champion Stephen Curry; PGA Tour pro Jordan Spieth who won this year’s Masters and U.S. Open; and the American Ballet Theatre’s first-ever African American female principal dancer, Misty Copeland.
Overall, it was a great quarter for the company, revising up its outlook for 2015. Previously, the company expected net revenues of approximately $3.78 billion compared to the current $3.84 billion.
Moving forward, the company has been able to maintain its market share by investing heavily in their marketing strategy to attract more customers. At the same time, the company managed to upbeat its outlook, unlike other players in the industry.