Crocs sees boosted earnings in Q1

NIWOT — Crocs Inc. (Nasdaq: CROX) posted earnings for the first quarter of fiscal year 2019 that outpaced past quarters as well as Wall Street estimates.

The company posted net earnings per share of 36 cents, up from 23 cents in the first quarter of 2018. Investors had projected Crocs’ to post an EPS of 25 cents.

Crocs’ net income for the most recent quarter was $24.71 million, up from $16.45 million in the same period last fiscal year.

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The fiscal year “is off to a great start. Revenues exceeded expectations as demand for our product and excitement around the brand continued to yield accelerated sell-throughs,” Crocs CEO Andrew Rees said in a prepared statement. “We were particularly pleased with the exceptional direct to consumer performance successfully comping an earlier Easter last year.”

Crocs’ stock price shot up by as much as about 8 percent Tuesday morning after the company’s earnings were released before leveling off a bit around midday.

Crocs expects positive results to continue through the fiscal year with revenues to be up 5 to 7 percent over 2018 revenues of $1.09 billion.