WASHINGTON (dpa-AFX) - Crocs Inc. (CROX) Wednesday reported an increase in profit for the first quarter, due mainly to higher revenues.
The Niwot, Colorado-based company reported first-quarter net income of $29.0 million or $0.33 per share, compared to $28.3 million or $0.31 per share in the comparable quarter last year.
On an adjusted basis, profit for the current quarter totaled $30.8 million, or 40.35 per share. On average, eleven analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 14.7 percent to $311.7 million from $271.8 million in the prior-year quarter, while ten analysts had a consensus revenue estimate of $305.08 million for the quarter.
Looking ahead, the company expects second quarter earnings per share between $0.60 and $0.63 on revenue in a range of $360 million to $370 million. Analysts currently expect the company to earn $0.71 per share for the quarter, with revenues of $376.71 million.
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