- Thearon W. Henderson/Getty
Under Armour is tanking after it posted weak fourth-quarter earnings on Tuesday morning.
The apparel company missed on both revenue and earnings per share against analyst expectations. Earnings for the fourth quarter came in at $0.23 a share against analyst expectations of $0.25. Revenue also whiffed at $1.31 billion, lower than projections of $1.41 billion.
The company also lowered its guidance for 2017, bringing estimates for operating income down to $320 million and a smaller gross margin.
“The current environment represents an inflection point to maximize our unique strengths by staying on offense – investing smartly in innovation, deepening our Brand connection with consumers and amplifying our focus on operational excellence – positioning Under Armour as a stronger company,” CEO Kevin Plank said in a press release.
The company also announced that CFO Chip Molloy was leaving the company effective Friday for “personal reasons.”
Following the news, shares of Under Armour sank by just over 24% in premarket trading as of 7:47 a.m. ET.
- Markets Insider