Crocs reports record third-quarter revenue, expects strong growth
NIWOT — Casual footwear company Crocs Inc. (Nasdaq: CROX) reported record third-quarter revenue, with expectations of continued growth during the fourth quarter and through 2020.
The company reported revenue of $312.8 million, up 19.8 percent from the third quarter of 2018. Net income totaled $35.7 million, up from $6.5 million a year ago.
The company during the third quarter repurchased approximately one million shares of common stock for $25 million. About $522 million remains of the company’s share-repurchase authorization.
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Crocs also upped its estimate for year-end performance, predicting that revenues will increase 11 percent to 12 percent over 2018’s $1.09 billion, up from prior guidance of 9 percent to 11 percent. The company predicts 2020 revenue growth of 12 percent to 14 percent.
Crocs earlier this year announced plans to move its headquarters from Niwot to Broomfield.
Wall Street reacted positively to Wednesday’s earnings report. The company’s stock finished trading Wednesday at $38.31, up 15.62 percent on the day.
