Crocs nearly doubles earnings per share year-over-year

NIWOT — Crocs Inc. (Nasdaq: CROX) posted first-quarter earnings of 15 cents per share, beating analyst expectations by 2 cents and nearly doubled from 8 cents during the same period the year prior.

Net income grew from $7.2 million at the end of the first quarter of 2017 to $12.5 million in the first quarter of 2018.

The company, which makes footwear, had revenue of $283 million, up 5.7 percent year-over-year and beating expectations by $10.95 million.

“The year is off to a strong start, with first quarter results exceeding guidance on all metrics,” Andrew Rees, president and CEO, said in a prepared statement. “Our spring/summer 2018 collection is being well-received, and our LiteRide launch surpassed our expectations. We continue to successfully execute against our strategic priorities and are increasing our guidance.”

Looking ahead, Rees said the company expects its full year revenues to be up low single digits, driven by e-commerce growth and wholesale growth.

For the second quarter, revenue is expected to be between $315 million and $325 million, compared to $313 million in the second quarter of 2017.

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