NIWOT, Colo. (AP) — Shares of Crocs Inc. jumped in afterhours trading Wednesday after the company known for its plastic clogs reported better-than-expected second quarter earnings driven by strong sales in Asia and the Americas.
Revenue for the period increased 12 percent to $330.9 million, spurred by a more than 20 percent sales increase in Asia and an 11 percent increase in the Americas. Crocs has diversified beyond its signature clogs and now makes everything from high heels to golf shoes.
CEO John McCarvel said those results helped offset a 5 percent decrease for Europeans sales, which were also negatively impacted by currency headwinds.
The company's net income grew to $61.5 million, or 68 cents per share, up from $55.5 million, or 62 cents per share, in the prior year period.
Analysts polled by FactSet expected earnings of 63 cents on sales of $340.2 million.
The company said it expects third-quarter revenue of $300 million and earnings between 42 and 44 cents per share. Analysts are forecasting $321 million in revenue and earnings per share of 42 cents.
Company shares rose 61 cents, or 4.4 percent, to $14.50 in afterhours trading following the release of the earnings report.
