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By
Reuters
Published
Apr 26, 2011
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Under Armour profit beats Wall Street's view

By
Reuters
Published
Apr 26, 2011

April 26 - Under Armour Inc reported a first-quarter profit that beat Wall Street's expectations and raised its outlook for the year on rising demand for its sports gear.

The company, known for athletic apparel said to draw sweat away from the body, forecast 2011 operating income of $149 million to $153 million on revenue of $1.37 billion to $1.39 billion.

Under Armour
Under Armour

Under Armour posted first-quarter net income of $12.1 million, or 23 cents per share, compared with $7.2 million, or 14 cents per share, a year earlier.

Analysts on average had expected earnings of 19 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 36 percent to $312.7 million.

"The demand side of the equation remains healthy," said Wedbush Securities analyst Camilo Lyon.

Gross margin fell slightly to 46.4 percent from 46.9 percent a year earlier, due in part to a rise in fuel prices that is making transportation and production more expensive, Lyon said.

(Reporting by Helen Chernikoff; Editing by Derek Caney and Lisa Von Ahn)

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