Under Armour on Wednesday reported first-quarter net income of $8.7 million, compared with $2.5 million for the same period in 2005. Earnings for the Baltimore maker of sports attire soared to 18 cents per share, compared to 5 cents per share for the same period last year.
Licensing revenue increased 65.8 percent to $2.4 million from $1.4 million for the first quarter of 2005. This reflects strong results from existing licensing partnerships and the shift to licensees of certain products formerly in the accessories category, according to Under Armor.
“The significant increase in profitability highlights our focus ondriving bottom line results through operational excellence as our revenues continue to grow,” said Kevin A. Plank, Under Amour chairman and CEO.
Due to the strength of the first quarter, Under Armour management is increasing its outlook for 2006. The company now estimates that its net revenue for the year will be in the range of $380 million to $390 million.
