Crocs falls after Q4 profit forecast below estimates

Crocs

29/10/2024 14:11

(Updates)
    ** Shares of casual footwear maker Crocs  CROX.O  fall 18.2%
to $112.95
    ** Stock hit a more than eight-month low of $111.6 earlier
in the session
    ** Co forecasts Q4 adj. EPS of $2.20 to $2.28, below
estimates of $2.72 - LSEG data
    ** Expects Q4 rev. to be flat to up slightly compared with
last year
    ** Sees 2024 rev. growth of about 3% compared to last year,
at the lower end of prior guidance of 3% to 5%
    ** Revenues for the Crocs Brand to grow about 8%, vs prior
expectations of growth of 7% to 9% 
    ** Expects 2024 adj. EPS of $12.82 to $12.90
    ** Q3 rev. of $1.06 bln is above estimates of $1.05 bln -
LSEG
    ** Q3 adj. EPS of $3.60 beats estimates of $3.10
    ** Strength was led by our Crocs Brand fueled by 17%
international and 8% direct-to-consumer growth, CEO Andrew Rees
said
    ** Including session's move, stock up 20.6% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))