Under Armour swings to a loss during fiscal calendar transition period

Under Armour Inc. UA, -25.88% UAA, -23.79% shares fell 8% in Friday premarket trading after the athletic company swung to a loss for the transition quarter ending March 31. The company announced in February that it would be shifting its fiscal year. For the period, Under Armour posted a net loss of $59.6 million, or 13 cents per share, after net income of $77.8 million, or 17 cents per share, last year. Adjusted loss was a penny per share. Revenue of $1.301 billion was up from $1.257 billion last year. FactSet did not provide a consensus for the transition period. For fiscal 2023, Under Armour is guiding for a revenue increase of 5% to 7% from the comparable baseline period of $5.7 billion, EPS of 79 cents to 84 cents, and adjusted EPS of 63 cents to 68 cents. The FactSet consensus is for revenue of $6.072 billion, implying 6.8% growth, and EPS of 78 cents. Under Armour stock has slumped 32.6% for the year to date.