Crocs Tanks After-Hours: Investors Didn’t Like This

Crocs Inc. (NASDAQ:CROX) reported net income above Wall Street’s expectations for the first quarter. Crocs and its subsidiaries are engaged in the design, development, manufacturing, marketing, and distribution of consumer products, mainly casual and athletic shoes and shoe charms, from specialty resins referred to as Croslite.

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Crocs Earnings Cheat Sheet for the First Quarter

Results: Net income for Crocs Inc. rose to $28.3 million (31 cents per share) vs. $21.5 million (24 cents per share) in the same quarter a year earlier. This marks a rise of 31.8% from the year-earlier quarter.

Revenue: Rose 19.9% to $271.8 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Crocs Inc. beat the mean analyst estimate of 26 cents per share. Analysts were expecting revenue of $266.7 million.

Quoting Management: John McCarvel, President and Chief Executive Officer, stated: “Crocs is off to a strong start for 2012 following our first billion-dollar sales year. Our approximate 20 percent top-line sales growth in the quarter was broad-based across channels and regions, with only European wholesale performance lagging primarily due to macroeconomic headwinds in the region. Disciplined execution of our multi-channel business strategy and our growing diversity of all-season, all-occasion footwear styles are driving this growth.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 25.3%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 35.9% from the year earlier quarter.

The company has now seen net income rise in three straight quarters. In the fourth quarter of the last fiscal year, net income rose 17.8% and in the third quarter of the last fiscal year, the figure rose 20.8%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the fourth quarter of the last fiscal year, by one cent in the third quarter of the last fiscal year, and by 17 cents in the second quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 64 cents a share to 65 cents over the last sixty days. The average estimate for the fiscal year is $1.43 per share, down from $1.46 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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