Crocs (CROX) Tops Q2 EPS by 47c, provides guidance

Crocs (NASDAQ: CROX) reported Q2 EPS of $4.01, $0.47 better than the analyst estimate of $3.54. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.1 billion.

GUIDANCE:

Crocs sees Q3 2024 EPS of $2.95-$3.10, versus the consensus of $3.37.

Revenues to be down 1.5% to up 0.5% compared to third quarter 2023, at currency rates as of the end of the last reported period.

Crocs Brand to grow 3% to 5% compared to third quarter 2023.
HEYDUDE Brand to be down 16% to 14% compared to third quarter 2023.
Adjusted operating margin of approximately 24.5%.

With respect to 2024:

Revenue growth of 3% to 5% compared to 2023, at currency rates as of the end of the last reported period.

Revenues for the Crocs Brand to grow approximately 7% to 9%.
Revenues for the HEYDUDE Brand to be down approximately 10% to 8%.

Adjusted operating margin of more than 25% compared to prior guidance of approximately 25%.
Non-GAAP adjustments of approximately $28 million related to the implementation of a new enterprise resource planning (\"ERP\") system for HEYDUDE, and costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada.
Combined GAAP tax rate of approximately 21.5% and non-GAAP effective tax rate of approximately 18.0%.
Adjusted diluted earnings per share of $12.45 to $12.90, versus the consensus of $12.64 and compared to prior guidance of $12.25 to $12.73. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.
Capital expenditures of $100 million to $110 million compared to prior guidance of $120 million to $130 million.

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

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