Crocs rallies on bullish outlook after company 'exceeded expectations across all metrics'

By Steve Gelsi

Footwear maker forecasts stronger-than-expected year ahead, after beating Q4 estimates

Crocs Inc.'s stock rallied Thursday after the footwear company said it expects to beat analyst estimates for its 2024 profit and also handed in stronger-than-expected fourth-quarter results.

Crocs (CROX) rose 2.4% to $110.95 in premarket trading, its highest level since last July.

Chief Executive Andrew Rees said the company booked a record year and that the fourth quarter "exceeded expectations across all metrics."

Crocs said it expects 2024 profit of $2.15 to $2.25 a share, ahead of the FactSet consensus of $2.05 a share, on revenue growth of 3% to 5%.

The Broomfield, Colo.-based company said its fourth-quarter net income for the three months ending Dec. 31 nearly doubled to $253.59 million, or $4.16 a share, from $137.74 million, or $2.20 a share, in the year-ago period.

Adjusted earnings in the latest quarter totaled $2.58 a share, well ahead of the analyst estimate of $2.37 a share.

Fourth-quarter revenue rose to $960.1 million from $945.2 million in the year-ago period. Analysts were looking for revenue of $958.4 million.

Chief Executive Andrew Rees said the company booked a record year and that the fourth quarter "exceeded expectations across all metrics."

Prior to Thursday's trades, Crocs stock had risen 16% in 2024, compared to a 5.7% gain by the Nasdaq COMP.

-Steve Gelsi

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02-15-24 0751ET

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