NIWOT, Colo.-
Funky footwear manufacturer Crocs Inc. said Thursday its net income nearly quadrupled on the strength of stronger sales of its colorful resin shoes both in the United States and abroad.
For the quarter ending March 31, net income totaled $24.9 million, or 61 cents per share, compared with $6.4 million, or 17 cents per share, in the first quarter of 2006. Revenue jumped to $142 million from $44.8 million in the year-ago quarter.
Analysts surveyed by Thomson Financial on average had forecast net income of 49 cents a share on revenue of $113.9 million.
The manufacturer also raised its 2007 guidance, forecasting revenue to range from $670 million to $680 million and net income to range from $2.90 a share to $2.95 a share.
The company said the board of the directors has approved a 2-for-1 split of common stock for shareholders of record at the close of business on May 31. The additional shares of common stock will be distributed on June 14.
Niwot-based Crocs manufactures and sells shoes in several styles that are made of a proprietary closed-cell resin material. Last year, it acquired Jibbitz LLC, which manufactures decorative products in more than 1,100 designs that snap into its shoes.
The results were released after the market closed. Shares of Crocs closed up 21 cents at $57.41 a share Thursday.
