NEW YORK - Amer Sports Inc. (NYSE:AS) reported better-than-expected third quarter results on Tuesday, driven by strong performance across its brand portfolio and geographic regions. The company also raised its full-year earnings guidance.
Shares of Amer Sports were trading flat in Tuesday's premarket session following the report.
The sports equipment and apparel maker posted adjusted earnings per share of $0.14 for the quarter, slightly below analyst estimates of $0.15. Revenue rose 17% year-over-year to $1.35 billion, surpassing the $1.3 billion reported in the same period last year.
"Third quarter was very strong for Amer Sports Group across all brands and geographies," said CEO James Zheng. "Led by Arc'teryx, our unique portfolio of premium technical brands continues to create white space and take market share in sports and outdoor markets around the world."
The company's Technical Apparel segment, which includes Arc'teryx, saw revenue jump 34% to $520 million. The Outdoor Performance segment, featuring brands like Salomon, grew 8% to $534 million. Ball (NYSE:BALL) & Racquet Sports revenue increased 11% to $300 million.
Amer Sports raised its full-year 2024 adjusted earnings per share guidance to $0.43-$0.45, up from its previous outlook and above the consensus estimate of $0.41. The company now expects full-year revenue growth of 16-17%.
Gross margin expanded 420 basis points to 55.2% in Q3, while adjusted operating profit rose 46% to $195 million.
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