FILE – In this Monday, Jan. 4, 2016, file photo, a pair of Under Armour SpeedForm Gemini 2 Record Equipped running shoes, containing an embedded chip to track exercise, are displayed in New York. Under Armour Inc. reports earnings Tuesday, Oct. 31, 2017. (Mark Lennihan, File/Associated Press)
By Associated Press By Associated Press October 31 at 7:45 AM
BALTIMORE — Under Armour is cutting its annual outlook again, sending shares plunging 12 percent before the opening bell.
The Baltimore company posted a profit of $54.2 million, or 12 cents per share, Tuesday. Earnings, adjusted for restructuring costs, came to 22 cents per share, which was actually 3 cents better than Wall Street had expected, according to a survey by Zacks Investment Research. Revenue of $1.41 billion, however, is shy of badyst projections for $1.49 billion.
Under Armour Inc., more importantly, lowered its annual per-share earnings forecast to between 18 cents and 20 cents per share, about half what it told investors to expect in August.
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