Crocs (CROX) Tops Q2 EPS by 71c, Sales Beat; Raises Outlook

Crocs (NASDAQ: CROX) reported Q2 EPS of $2.23, $0.71 better than the analyst estimate of $1.52. Revenue for the quarter came in at $640.8 million versus the consensus estimate of $559.11 million.

"We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance," said Andrew Rees, Chief Executive Officer. "We are also committing to net zero emissions by 2030, enabling us to provide 'comfort without carbon\' to our customers worldwide. I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities."

GUIDANCE:

With respect to the third quarter of 2021, we expect:

• Revenue growth to be between 60% and 70% compared to third quarter 2020 revenues of $361.7 million.
• Non-GAAP adjustments of approximately $3 million related to distribution center investments that will negatively impact gross margin.
• Non-GAAP operating margin to be between 24% and 26%.

Full Year 2021

With respect to 2021, we expect:

• Revenue growth to be between 60% and 65% compared to 2020 revenues of $1,386.0 million.
• Non-GAAP adjustments of approximately $8 to $10 million related to distribution center investments that will negatively impact gross margin.
• Non-GAAP operating margin of approximately 25%.
• Non-GAAP effective tax rate of approximately 23%, excluding a GAAP tax credit of $175.7 million.
• Capital expenditures of $80 to $100 million for supply chain investments to support growth

For earnings history and earnings-related data on Crocs (CROX) click here.

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