Crocs sees stocks rise after raising revenue guidance
Stocks for Colorado-based footwear brand Crocs, Inc. soared by nearly 11% in premarket trading Monday, after the company raised its 2020 revenue guidance, reporting that 2020 was the company's best year to date.
The company, which marked 2020 with a series of high-profile celebrity collaborations including Justin Bieber and Post Malone, reported that revenue for 2021 is expected to grow by 20% to 25% compared to 2020.
"Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs' history," said Andrew Rees, chief executive officer.
"Our brand momentum is exceptional, and we anticipate another record year in 2021. We remain focused on continuing to deliver sustainable, profitable growth for years to come."
The company now estimates that revenue increased approximately 55% for the fourth quarter of 2020 to a figure between $407 and $410 million, marking an increase from the previous guidance range of 20% to 30% growth, the company said.
The company predicts full-year 2020 revenue to grow to between $1.381 billion and $1.384 billion, an increase of more than 12%, up from recent guidance of approximately 5% to 7% growth.
In October, Crocs reported a 73.5% increase in its third-quarter earnings.
For the quarter, ended September 30, 2020, the company reported net income of $61.9 million, up from $35.7 million in the prior-year period, while net income per diluted share increased 78.4% year over year, from $0.51 to $0.91.
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