Great Coference Call // profit up 18% on Increased Sales
Crocs 4Q profit rises 18 percent on increased sales; company predicts stronger year in 2012
NIWOT, Colo. (AP) -- Crocs Inc.'s fourth-quarter profit rose 18 percent as the company known for its clogs increased sales in all of its regions, but Crocs shares slid on its disappointing guidance.
The Niwot, Colo., company reported Thursday that it earned $5.57 million, or 6 cents per share, in the quarter ended Dec. 31. That's compared with $4.73 million, or 5 cents per share, a year earlier.
Revenue rose nearly 14 percent in the quarter to $203.7 million from $179.2 million.
The company exceeded Wall Street expectations. Analysts polled by FactSet expected earnings of 4 cents per share on revenue of $205.3 million.
For the full year, Crocs reported a 67 percent increase in net income, to $112.8 million, or $1.24 per share. In 2010, the company made $67.7 million, or 76 cents per share. Revenue was up 27 percent to just over $1 billion.
CEO John McCarvel said in a statement that Crocs grew its annual revenue to pass $1 billion for the first time in company history. "The success of existing and new product introductions drove improvements in our average selling price," he said.
McCarvel predicted that the company's long-term strategies will bring market share gains in the spring and summer this year, while increasing the company's relevance during cold weather.
Crocs said that sales during the fourth quarter were particularly strong in Asia and Europe, both of which rose 34 percent from a year earlier. In the Americas, sales were up 19 percent, the company said.
Crocs said it expects revenue from $263 million to $268 million in the first quarter of this year. It expects to earn 24 cents to 26 cents per share. Analysts expect revenue of $268.8 million and earnings of 30 cents per share for the quarter.
Shorts trying to project disappointment-- Back up the truck & Buy their shares