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Crocs shares rise after earnings beat expectations

Tonya Garcia

Crocs Inc. shares rose 3% in Tuesday premarket trading after the shoe company reported first-quarter earnings and revenue that beat expectations. Net income totaled $24.7 million, or 33 cents per share, up from $12.5 million, or 15 cents per share, last year. Adjusted EPS was 36 cents. Revenue of $295.9 million was up from $283.1 million in 2018. The FactSet consensus was for EPS of 26 cents and revenue of $292.0 million. The Crocs board recently approved a $500 million increase to the existing $500 million share repurchase program, leaving the company with $600 million for future buybacks. For the year, Crocs expects revenue to increase 5% to 7% from last year's total of $1.09 billion. The FactSet consensus is for $1.16 billion, up about 6.9%. For the second quarter, Crocs is guiding for revenue between $350 million and $360 million against the FactSet estimate for $357.6 million. Crocs stock has gained 9.1% for 2019 so far while the S&P 500 index is up 17%.