Crocs Turns to a Profit in 3Q Results

NIWOT, Colo. – Crocs Inc. (CROX), seller of ventilated rubber shoes, said Thursday it moved to a profit in the third quarter as it recorded a big one-time gain from taxes and sales inched up.

Investors sent the shares lower after hours in response.

The shoe seller, based in Niwot, Colo., said its quarterly results included a one-time $14.4 million tax benefit, a one-time $9.6 million gain from sales and $3.6 million in charges for write-downs, restructuring and charitable donations.

In the quarter that ended Sept. 30, the company earned $22.1 million, or 25 cents per share, compared to a loss of $148 million, or $1.79 per share, a year earlier.

Excluding one-time items, it earned a penny per share, beating the average forecast of analysts polled by Thomson Reuters, who foresaw a loss of 8 cents per share.

Revenue rose 2 percent to $177.1 million from $174.2 million. Analysts had expected $156.4 million.

Crocs reported gains in retail, online and wholesale sales during the quarter.

In the fourth quarter, Crocs expects a loss of 15 cents per share to 20 cents per share. Analysts expect a loss of 16 cents per share.

Crocs shares fell 60 cents, or 9 percent, to $6.24 in after-hours trading after closing Thursday at $6.84, up 8.4 percent from a day earlier.

Source: Reuters

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