Crocs shares plunge as Q2 outlook comes below street estimates

Shares of Crocs, Inc. fell more than 18 percent Thursday morning after the company's second-quarter outlook came in below analysts' view.

For the second quarter, Crocs expects adjusted EPS to be in the range of 2.83 - 2.98 dollars. Analysts on average polled by Thomson-Reuters expect earnings of 3.23 dollars per share.

Revenue in the second quarter is expected between 1.026 billion dollars and 1.049 billion dollars. The consensus estimate stands at 1.06 billion dollars.

The company, however, reported nearly 100 percent growth in profit in the second quarter, helped by more than 30 percent revenue growth.

Profit was 149.54 million dollars, or 2.39 dollars per share for the first quarter, higher than 72.76 million dollars, or 1.19 dollars per share, in last year's first quarter.

Excluding items, Crocs reported earnings of 163.41 million dollars or 2.61 dollars per share for the period. Analysts had expected the company to earn 2.15 dollars per share.

The company's revenue for the quarter rose 33.9 percent to 884.17 million dollars from 660.15 million dollars last year.

CROX is at 120.84 dollars currently. It has traded in the range of 46.08 to 151.32 dollars in the last 52 weeks.(DPA)