NYSE$UA
Under Armour · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Under Armour's Q3 2023 results were solid, achieving full-year operational and financial goals.
Under Armour reported a 3% increase in revenue to $1.6 billion, with wholesale revenue up 7% and direct-to-consumer revenue down 1%. North America revenue decreased by 2%, while international revenue increased by 14%. Diluted earnings per share was $0.27, and adjusted diluted earnings per share was $0.16.
- Revenue increased by 3 percent to $1.6 billion, or 7 percent on a currency-neutral basis.
- Wholesale revenue grew by 7 percent to $820 million.
- Direct-to-consumer revenue declined by 1 percent to $715 million.
- International revenue increased by 14 percent to $527 million.
Headline financials
Revenue & EPS history
Under Armour · Revenue · Quarterly
$1.58B
Revenue by segment
Under Armour · $1.46B total across 3 segments · Q3 2023
- Apparel$1B—68.5%
- Footwear$354M—24.3%
- Accessories$105M—7.2%
Forward guidance
Under Armour updated its fiscal year 2023 outlook, maintaining revenue growth expectations and adjusting gross margin and SG&A expense forecasts.
Tailwinds
- Revenue growth is unchanged from the previous expectation of a low single-digit percentage rate increase on a reported basis, up at a mid-single-digit percentage rate on a currency-neutral basis.
- Selling, general & administrative expenses are now expected to be down at a low single-digit percentage rate against the prior year versus the previous expectation of “down slightly.”
- Operating income remains unchanged from the previous outlook and is expected to reach $270 to $290 million. Excluding the company's litigation reserve, adjusted operating income is expected to reach $290 to $310 million.
- Adjusted diluted earnings per share is now expected to be $0.52 to $0.56 versus the previously expected range of $0.44 to $0.48.
- Capital expenditures are now expected to be approximately $200 million, down from the previous expectation of approximately $225 million.
Headwinds
- Gross margin is expected to decline at the higher end of the previously provided 375 to 425 basis point range.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
-0.5%
Avg return
Earnings day
-2.7%
Avg return
5 days after
-2.0%
Avg return
30 days after
54%
22 / 41 earnings
Positive
+24.6%
Q4 2015
Best reaction
-27.8%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -16.8% | -15.0% | -1.2% | |
| Q3 2026 | +19.3% | +9.8% | +4.2% | |
| Q2 2026 | -1.1% | +0.7% | -1.6% | |
| Q4 2025 | +1.7% | +7.8% | +9.2% | |
| Q3 2025 | -4.6% | -10.3% | -12.7% | |
| Q2 2025 | +8.7% | +6.8% | +12.3% | |
| Q1 2025 | +22.3% | +24.7% | +19.6% | |
| Q4 2024 | -0.5% | -0.6% | -2.0% | |
| Q3 2024 | +4.8% | +3.2% | +7.5% | |
| Q2 2024 | +1.0% | -1.8% | +19.0% | |
| Q1 2024 | +1.3% | +1.3% | -6.4% | |
| Q4 2023 | -10.1% | -10.6% | -11.6% | |
| Q3 2023 | -10.9% | -12.4% | -27.2% | |
| Q2 2023 | +16.0% | +12.5% | +42.1% | |
| Q1 2023 | +1.2% | +5.6% | -10.2% | |
| Q1 2022 | -27.8% | -30.9% | -24.2% | |
| Q4 2021 | -12.8% | -12.7% | -19.2% | |
| Q3 2021 | +18.2% | +12.1% | +4.9% | |
| Q2 2021 | +13.3% | +16.9% | +11.6% | |
| Q1 2021 | +6.3% | +1.8% | -4.1% | |
| Q4 2020 | +9.5% | +7.4% | +10.9% | |
| Q3 2020 | +6.1% | +6.1% | +22.2% | |
| Q2 2020 | -13.7% | -7.3% | -10.2% | |
| Q1 2020 | -14.1% | -22.7% | +5.4% | |
| Q4 2019 | -14.9% | -14.9% | -51.8% | |
| Q3 2019 | -13.7% | -16.0% | -10.0% | |
| Q2 2019 | -16.6% | -21.3% | -30.5% | |
| Q1 2019 | +2.8% | -0.9% | +2.8% | |
| Q4 2018 | +3.8% | -0.6% | +3.9% | |
| Q3 2018 | +18.0% | +27.4% | +29.4% | |
| Q2 2018 | -2.3% | -5.1% | -0.2% | |
| Q1 2018 | +6.6% | +2.5% | +23.3% | |
| Q4 2017 | +22.5% | +19.7% | +4.9% | |
| Q3 2017 | -23.4% | -28.2% | -19.1% | |
| Q2 2017 | -9.1% | -8.3% | -16.6% | |
| Q1 2017 | +7.0% | +3.3% | -0.4% | |
| Q4 2016 | -25.1% | -27.5% | -24.4% | |
| Q3 2016 | -16.1% | -21.2% | -27.3% | |
| Q2 2016 | -8.9% | -7.9% | -1.3% | |
| Q1 2016 | +6.9% | — | — | |
| Q4 2015 | +24.6% | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q1 2010 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q4 2008 | — | — | — | |
| Q3 2009 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2009 | — | — | — | |
| Q4 2009 | — | — | — | |
| Q2 2010 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro