Amer Sports, Inc. (AS), a sporting goods company, Tuesday reported net income of $5.1 million or $0.01 per share for the first quarter, lower than 19 million or $0.05 per share in the same quarter a year ago, , primarily due to higher selling, general and administrative expenses.
Selling, general and administrative expenses were $534.2 million compared with $422.4 million a year ago.
Excluding one-time items, earnings increased to $39 million or $0.08 per share from $27 million or $0.07 per share last year. On average, 11 analysts polled by Thomson-Reuters expected earnings of $0.03 per share.
Revenue for the quarter grew to $1.183 billion from $1.050 billion in the previous year. The consensus estimate was for $1.13 billion.
For the full year, Amer Sports has raised its outlook. It now expects earnings per share to be toward the high end of the previous guidance range of $0.30 to $0.40, including a $0.03 - $0.04 negative impact from non-recurring finance costs in the first quarter. Analysts are looking for earnings of $0.41 per share. Revenue is now expected to grow in the mid-teens percentage.
For the second quarter, the company expects to report loss per share in the range of $0.04-$0.08. The consensus estimate is for $0.05 loss per share.
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