Under Armour shares are going crazy — and it's all about Steph Curry
(Under Armour)
Under Armour shares are going crazy after the company reported earnings and revenue that beat expectations.
And a big driver of the company's recent success comes down to one person: Steph Curry.
Some of the biggest growth enjoyed by the company during the fourth quarter was from its footwear line, which saw revenue rise 95% to $167 million, a pop the company said was "primarily reflecting the success of the Curry signature basketball line" as well as an increase in running-shoe sales.
In the fourth quarter Under Armour earned $0.48 per share, beating estimates for a profit of $0.46, on revenue of $1.17 billion. Expectations were for revenue to hit $1.12 billion.
The company also guided to 2016 revenues of $4.95 billion, which would represent 25% growth over 2015 and is a forecast that was better than the $4.9 billion Wall Street was looking for.
In early trading on Thursday shares of the company were up more than 17%.
And Curry, who is the NBA's reigning MVP and its most popular star, is just one of Under Armour's signature athletes who have played a big part in driving the company forward.
Golfer Jordan Spieth — who won two of golf's biggest tournaments in 2015 at age 21 — has been a huge win for the company. Under Armour signed Spieth to a fresh 10-year deal after his dominating win at The Masters back in April.
Under Armour also sponsors Carolina Panthers quarterback Cam Newton, who will likely be voted the NFL's MVP and is set to make his Super Bowl debut in just over a week.
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