By Emily Dattilo
Shares of Crocs were running higher after the casual-footwear company's quarterly earnings easily surpassed expectations and management issued an upbeat financial forecast for 2025.
Crocs stock gained 18% to $104.98 in premarket trading Thursday.
For its fourth quarter, the company, which owns the Crocs and HEYDUDE brands, reported adjusted earnings of $2.52 per share, beating Wall Street's call for $2.26, according to FactSet. Revenue of $990 million was above the consensus estimate for $961.6 million.
"For 2025, we are expecting another year of revenue growth, led by mid-single digit growth in the Crocs Brand," CEO Andrew Rees said in the earnings release. "We are pleased by the early signs of progress we made for HEYDUDE during the fourth quarter and are taking a prudent approach to how we shape 2025 guidance for HEYDUDE as we focus on reigniting the brand."
For the first quarter, the company forecast adjusted earnings of $2.38 to $2.52, lower than the consensus estimate for $2.69. But for 2025, the company anticipates adjusted earnings of $12.70 to $13.15, while analysts had penciled in $12.68.
Earlier this month, the board of directors approved a $1 billion increase to the company's share repurchase authorization.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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February 13, 2025 09:04 ET (14:04 GMT)
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