Under Armour first-quarter beats on strong sales

Under Armour Inc reported first-quarter earnings that beat market estimates, as the athletic apparel and footwear maker introduced new styles to drive sales.

Welsh rugby player Jamie Roberts in Under Armour's 'New Battles. New Armour' campaign / Photo: Under Armour

The company benefited from introducing new styles such as ColdBlack and Armour Bra and saw strong results for its $120 RC running shoes, Chief Executive Kevin Plank said in a statement.

The company projected 2012 operating income of $203 million to $205 million, while analysts expect $203.65 million, according to Thomson Reuters I/B/E/S.

Under Armour, known for clothing that draws sweat away from the body, lowered its revenue growth forecast for 2012 in January, saying it expects revenue to come in at the lower end of its 20-25 percent growth forecast.

It forecast net revenue of $1.78 billion to $1.80 billion, representing growth of 21 percent to 22 percent over 2011.

The company's first-quarter earnings of 28 cents per share beat the average analyst estimate of 24 cents per share.

Sales rose 23 percent to $384 million.

Under Armour shares closed at $97.02 on Thursday on the New York Stock Exchange.