What happened
Shares of footwear company Crocs (CROX 0.87%) jumped on Wednesday, rising as much as 15.3%. But as of 12:33 p.m. EDT, the stock was up 13.1%.
The stock's gain follows the company's third-quarter update, which included better-than-expected top- and bottom-line results and an improved outlook from management for the company's full-year performance.
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So what
Crocs reported a 19.8% year-over-year increase in revenue to $312.8 million. On average, analysts expected the retailer to report revenue of $302.1 million. The company's non-GAAP (adjusted) earnings per share were $0.57, up from $0.19 in the year-ago quarter and ahead of analysts' average forecast for $0.40.
"Our Americas business delivered exceptional growth, driven in part by another highly successful back to school season," said Crocs CEO Andrew Rees in the company's third-quarter earnings release.
Now what
Based on this strong performance and the company's progress so far in the current quarter, Crocs is raising its full-year revenue outlook. The company says it now expects 2019 revenue to increase 11% to 12% year over year. This is up from previous guidance for 9% to 11% growth.
The company's full-year outlook includes negative impacts of $28 million from currency changes and $20 million from store closures.
