Under Armour earnings beat expectations, shifts fiscal year

Under Armour Inc. UA, -11.37% UAA, -12.49% reported fourth-quarter net income of $109.7 million, or 23 cents per share, down from $184.5 million, or 40 cents per share, last year. Adjusted EPS of 14 cents beat the FactSet consensus for 6 cents. Revenue of $1.529 billion was up from $1.404 billion and ahead of the FactSet consensus for $1.469 billion. Under Armour is shifting its fiscal year to March 31 from December 31 after a three-month transition period from January 1 to March 31. For that transition period, Under Armour is guiding for revenue to rise at a mid single-digit rate, up from previous guidance for a low single-digit rate, including 10 percentage points of headwinds from a reduction in the spring-summer 2022 order book due to COVID-related supply chain constraints. EPS is expected to be 2 cents to 3 cents. FactSet did not provide a consensus for the transition period. Under Armour shares fell 3.6% in Friday premarket trading and are down 13% over the past year. The S&P 500 index SPX, -1.90% is up 15% for the past 12 months.