On beats by CHF0.19, beats on revs; guides FY24 revs above consensus
ONON stock sprinted higher early Tuesday after Swiss shoemaker On Holding, the parent company behind On Running, cleared Q1 forecasts by a wide margin.
On Holding (ONON) reported earnings of 36 cents per share, more than doubling from the 17 cents reported last year. FactSet analysts expected adjusted earnings to tick down 2 cents to 15 cents per share.
Revenue jumped nearly 20% to a record $561 million, although sales growth slowed for the fifth quarter in a row. Analyst consensus forecasts saw revenue jumping 16.8% to $548 million.
On's direct-to-consumer sales increased 48.7% year-over-year on a constant currency basis. DTC sales now make up 37.5% of On's total net sales.
The company maintained its outlook of at least 30% net sales growth for the year. On expects to achieve a gross profit margin of around 60% for the year.
FactSet predicts 2024 an 87.5% earnings increase, to 75 cents per share, on 23% revenue growth to $2.511 billion.
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