Under Armour [stckqut]UA[/stckqut] shares soared 16.08% to $79.61 on Thursday after the athletic apparel maker reported its fourth quarter fiscal 2015 financial results that topped analysts’ expectations.
Profit came in at 48 cents a share, 2 cents higher than estimates. Revenue of $1.17 billion was also above forecasts of $1.12 billion.
The company saw a double-digit growth in earnings as profit increased 20% and revenue surged 31% year-over-year. This was largely helped by robust footwear and apparel sales increasing 95% and 22%, respectively.
Overall, demand for its sports footwear and apparel was boosted by the company’s sponsorship deals with basketball star Stephen Curry and golfer Jordan Spieth.
Under Armour projects 2016 revenue to be $4.95 billion, above analysts’ forecasts of $4.91 billion.
Source: Under Armour (UA) Stock Soars on Quarterly Earnings, Upbeat 2016 Guidance – TheStreet