Crocs first quarter profit up, outlook disappoints

Crocs Inc reported quarterly results that beat Wall Street expectations, helped by a strong demand in Asia and the Americas, but the shoemaker forecast a disappointing second quarter, sending its shares down 8 percent in extended trade.

Photo: Crocs

The company expects earnings of 61 cents to 63 cents per share for the second quarter, on revenue of $335 million to $340 million.

Analysts are expecting earnings of 65 cents per share, on revenue of 352.7 million, according to Thomson Reuters I/B/E/S.

First-quarter net income rose to $28.3 million, or 31 cents per share, from $21.5 million, or 24 cents per share, a year ago.

Crox, which sells its footwear in more than 90 countries, said revenue rose about 20 percent to $271.8 million.

For the first quarter, analysts were expecting earnings of 26 cents a share on revenue of $266.7 million.

The company's revenue from the Americas rose 17.1 percent, while revenue from Asia surged more than 40 percent.

Shares of the company were trading at $20.22 in after hours trade. They had closed at $22.04 on Wednesday on the Nasdaq.