Under Armour Tops Earnings Estimates After Footwear Lifts Sales

BALTIMORE, United States — Under Armour Inc. posted second-quarter earnings that topped analysts' estimates after its push into footwear and other new products helped fuel sales.

Earnings amounted to 7 cents a share, the Baltimore-based company said in a statement on Thursday. Analysts had predicted 5 cents on average, according to data compiled by Bloomberg. Sales rose to $783.6 million, compared with an average estimate of $761.8 million.

Under Armour, which got its start producing polyester workout shirts aimed at football players in the 1990s, has continually pushed into new athletic-gear markets. It also has enlisted top athletes as endorsers, including basketball star Stephen Curry and golfer Jordan Spieth. Curry led the Golden State Warriors to a National Basketball Association championship this year, further raising Under Armour’s profile.

"This year has highlighted that the right investments are key to not only driving near-term results, but building the foundation for the unlimited potential of the Under Armour Brand," Chief Executive Officer Kevin Plank said in the statement.

The company’s shares rose as much as 3.4 percent to $92.44 in early trading after the results were released. The stock was already up 32 percent in 2015, compared with a 2.7 percent gain for the Standard & Poor’s 500 Index.

By Jennifer Kaplan; editors: Nick Turner, Kevin Orland.