Crocs Inc. (NAS:CROX) stock jumped 7.8% in Thursday premarket trading after the shoe company reported third-quarter earnings and revenue that beat expectations. Net income totaled $153.5 million, or $2.42 per share, up from $61.9 million, or 91 cents per share last year. Adjusted EPS of $2.47 beat the FactSet consensus of $1.87. Revenue totaled $625.9 million, up from $361.7 million last year and also ahead of the FactSet consensus for $606.8 million. Crocs says that it was impacted by factory closures in Vietnam due to COVID-19. Still, the company says it's on track to achieve both long- and short-term goals. For full year 2021, Crocs expects revenue to increase between 62% and 65% from $1.386 billion in 2020. The FactSet consensus is for revenue of $2.316 billion, implying a 67.1% increase. For 2022, Crocs forecasts revenue growth of 20% compared to 2021. Crocs stock has soared 116.9% for the year to date while the S&P 500 index (S&P:SPX) has gained 20.8% for the period.
Oct. 21, 2021, 7:23 a.m. EDT