Crocs stock skyrockets after earnings report

NIWOT — Crocs’ stock price jumped more than 10 percent in early trading Thursday morning after the company posted better-than-expected earnings results for the second quarter of fiscal year 2019. 

Quarterly income for Crocs Inc. (Nasdaq: CROX), the Niwot-based casual footwear maker, was $39.2 million, or 55 cents per share, up from $30.4 million, or 35 cents per share, in the same period last year. Revenues were $358.9 million, up 9.4 percent over the second quarter in 2018.

“We had a terrific quarter, as demand for our product and brand continued to climb. With strong revenue growth and better than expected gross margins, we expanded our operating margin 200 basis points to approximately 13 percent of sales and grew our diluted earnings per share 57 percent compared to last year’s second quarter,” Crocs CEO Andrew Rees said in a prepared statement. “We expect our revenue growth in the back half of the year to significantly outpace the first half; accordingly, we are increasing our full-year outlook.”

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The company now expects full-year revenue growth of 9 to 11 percent over last year’s sales of $1.09 billion. Crocs, which is planning to move its headquarters to Broomfield in 2020, was previously anticipating 5 percent to 7 percent growth.