Crocs shares surged following the release of robust fourth-quarter results and optimistic earnings projections for 2024, surpassing analyst forecasts.
During premarket trading, the stock rose by 6.6% to $115.50. Year-to-date, shares had already gained 16% by the close of Wednesday's market. The company anticipates adjusted earnings of $12.05 to $12.50 per share for 2024, exceeding current analyst estimates of $11.90 per share according to FactSet. Revenue is projected to increase by 3% to 5%, aligning with current predictions.
In the fourth quarter of 2023, Crocs' profit climbed to $253.6 million from $137.7 million in the same quarter the previous year. Adjusted earnings, excluding one-time items, reached $2.58 per share, surpassing analyst projections of $2.37 per share and the company's own guidance of no more than $2.35 per share. Revenue also saw a 1.6% increase to $960.1 million, exceeding the $958.4 million consensus estimate among analysts surveyed by FactSet.
Andrew Rees, the CEO of Crocs Inc., expressed satisfaction with the company's performance: "We delivered a record year for Crocs Inc. capped off by a strong fourth quarter that exceeded expectations across all metrics. Crocs brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution.”
Looking ahead to 2024, Crocs expects revenues to grow by 3% to 5%, with the Crocs brand projected to grow by 4% to 6%. Adjusted operating margin is expected to be approximately 25%, with adjusted diluted earnings per share ranging from $12.05 to $12.50.
During premarket trading, the stock rose by 6.6% to $115.50. Year-to-date, shares had already gained 16% by the close of Wednesday's market. The company anticipates adjusted earnings of $12.05 to $12.50 per share for 2024, exceeding current analyst estimates of $11.90 per share according to FactSet. Revenue is projected to increase by 3% to 5%, aligning with current predictions.
In the fourth quarter of 2023, Crocs' profit climbed to $253.6 million from $137.7 million in the same quarter the previous year. Adjusted earnings, excluding one-time items, reached $2.58 per share, surpassing analyst projections of $2.37 per share and the company's own guidance of no more than $2.35 per share. Revenue also saw a 1.6% increase to $960.1 million, exceeding the $958.4 million consensus estimate among analysts surveyed by FactSet.
Andrew Rees, the CEO of Crocs Inc., expressed satisfaction with the company's performance: "We delivered a record year for Crocs Inc. capped off by a strong fourth quarter that exceeded expectations across all metrics. Crocs brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution.”
Looking ahead to 2024, Crocs expects revenues to grow by 3% to 5%, with the Crocs brand projected to grow by 4% to 6%. Adjusted operating margin is expected to be approximately 25%, with adjusted diluted earnings per share ranging from $12.05 to $12.50.