Under Armour (UAA) posted better-than-expected earnings during the first quarter.
Shares rose more than 2% in pre-market trade Wednesday.
Under Armour reported adjusted earnings of 5 cents per share. Analysts were anticipating an adjusted earnings loss of less than one cent per share. Revenue during the quarter totaled $1.2 billion, which was above consensus estimates for $1.18 billion.
“Our first quarter results demonstrate our unwavering commitment to protecting and growing our premium performance athletic brand through a disciplined go-to-market process that delivers innovative products and experiences to make athletes better,” CEO Kevin Plank said in a statement. “As we execute against our long-term plan, Under Armour will emerge from 2019 and our 'Protect This House' chapter as an even stronger brand and company.”
Breaking revenue down by region, North America continued to be a drag during the first quarter. North American revenue fell 2.8%, while Asia Pacific revenue grew 24.9%. Latin American revenue rose 5.7% during the quarter.
The athleisure brand also boosted its earnings forecast for 2019. Under Armour expects to earn between 33 cents to 34 cents in full-year 2019, up from the previously expected 31 cents to 33 cents.
In addition, Under Armour announced that effective January 1, 2019, the company now excludes some corporate costs from its segment profitability measures and created a new section of its report called “Corporate Other.”
Under Armour’s earnings conference call kicks off at 8:30 a.m. ET.
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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