By Stock Charts | August 1, 2008
Shoe company Crocs Inc. lowered its second-quarter guidance and projected a weak third quarter late Thursday, sending shares plummeting after the market closed.
The company said it expects earnings per share of 3 cents to 7 cents for the second quarter, significantly lower than the 42 cents to 47 cents per share previously expected. The company cited weak sales in the U.S.
Crocs also said it expects its revenue to be in the $218 million to $223 million range for the second quarter, instead of $247 million to $258 million as previously announced.
Analysts polled by Thomson Financial projected income of 41 cents per share for the second quarter on $248.1 million in revenue.
Crocs also projected third-quarter income of a penny to 5 cents per share, compared with an average analyst estimate of 57 cents. The company guided for quarterly revenue of $195 million to $205 million.
Furthermore, Crocs reduced its full-year outlook. The company now expects to break even in the fiscal year, including a charge of 16 cents per share related to the shutdown of the company’s Canadian operations.
Analysts expect third-quarter profit of 57 cents per share on revenue of $282.3 million.
In aftermarket activity, Crocs shares fell $4.55, or 50.8 percent, to $4.40. During the regular session, the stock lost 93 cents, or 9.4 percent, to $8.95. The stock has ranged from $6.75 to $75.21 over the past year.For more stock news and chart analysis, subscribe to my RSS feed, or stock newsletter:
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