Under Armour Net Drops 13.4% in Q1

Under Armour Inc.’s first-quarter earnings dropped 13.4 percent as its revenues continued their double-digit ascent. The company raised its forecast for full-year revenues to $3.78 billion, below the current analysts’ estimate of $3.82 billion, sending shares down about 2.9 percent in pre-market trading. In the three months ended March 31, the Baltimore-based activewear and performancewear firm generated net income of $11.7 million, or 5 cents a diluted share, down from $13.5 million, or 6 cents, in the year-ago period. The first-quarter EPS performance matched analysts’ consensus estimates. Revenues rose 25.5 percent to $804.9 million from $641.6 million the first quarter of 2014, above the $802.5 million analysts’ estimate. The Connected Fitness platform, which the firm expanded with the additions of Endomondo and MyFitnessPal in February, had revenues of $8.4 million, more than double the $4 million in last year’s period. On a constant-currency basis, revenues were up 27.1 percent. Kevin Plank, chairman and chief executive officer, commented, “We have already added over 10 million unique registered users to our platform since our initial February announcement, bringing the total Connected Fitness community to over 130 million unique registered users. We opened a 30,0000 square foot Brand House store on the Magnificent Mile in Chicago, while also debuting

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