Kontoor Brands, Inc. (NYSE: KTB), a leading global lifestyle apparel company, saw its stock surge by 10.87% on October 31, 2024, after reporting impressive third-quarter 2024 financial results and raising its full-year outlook.

The company reported non-GAAP earnings per share of $1.37 for the third quarter, surpassing analysts' expectations of $1.26. Additionally, Kontoor Brands posted revenue of $670 million, exceeding the consensus estimate of $663.537 million.

Kontoor Brands also provided an updated full-year 2024 financial outlook, reflecting its strong performance. The company now expects revenue to reach $2.6 billion, up from the previous guidance of $2.57 to $2.63 billion. Furthermore, Kontoor Brands raised its adjusted gross margin forecast to 45.1%, representing a 260 basis point increase compared to the prior year on an adjusted basis, excluding an out-of-period duty charge. The adjusted operating income is now projected to be $385 million, at the higher end of the previous range of $377 to $387 million, with an 11% increase year-over-year on an adjusted basis.