Jan. 30--Under Armour's stock price surged over $100 a share Thursday morning after the company reported strong results for the fourth quarter.
Shares in the Baltimore-based apparel and footwear brand were up $18.54 each -- nearly 22 percent -- at $103.76 in trading around noon.
Under Armour's profit jumped 28 percent in the fourth quarter, with strong sales driven by the growing popularity of the brand's cold weather sports apparel.
It reported income of $64 million, or 59 cents per share, for the three months ended Dec. 31, compared with income of $50 million, or 47 cents per share, in the final quarter a year earlier. Results beat analysts' expectations of 53 cents per share.
Sales surpassed expectations as well, climbing 35 percent to $683 million, compared with sales of $506 million in the fourth quarter of 2012. Analysts were calling for $620.1 million in revenue, or a 23 percent increase.
Under Armour raised its forecast for this year, calling for sales to grow 22 percent to 23 percent to a range of $2.84 billion to $2.87 billion.
"By any measure, 2013 was a banner year for the UA Brand," said Under Armour CEO Kevin Plank in the company's announcement Thursday.
He noted that the company surpassed $2 billion in net revenues for the year, which ended with the 15th straight quarter of at least 20 percent growth. Full-year sales rose 27 percent to $2.33 billion, the company said.
In the fourth quarter, Under Armour apparel sales rose 35 percent to $546 million, led by strong sales of fleece and new ColdGear infrared merchandise. Footwear sales were up 24 percent to $55 million, driven by stronger sales in the running shoe category.
In fiscal 2013, Under Armour acquired fitness technology company MapMyFitness, opened the first two UA Brand House stores, including one in Harbor East, and invested more heavily in women's apparel, footwear and international sales.
"We firmly believe we are just getting started and that our performance in 2013 is indicative of the opportunity that lies ahead for Under Armour," Plank said in the statement.
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Original headline: Under Armour stock surges as strong sales drive profits
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