RTTNews | Apr 27, 2021 09:56AM EDT

09:56 Tuesday, April 27, 2021 (RTTNews.com) - Shares of Crocs Inc. (CROX) are gaining over 10% on Tuesday morning after the footwear company reported a first-quarter profit and revenues that trounced Wall Street estimates as well as lifted its full-year guidance.

CROX is currently trading at $93.68, up $8.84 or 10.42%, on the Nasdaq.

Crocs' first-quarter profit surged to $98.40 million or $1.47 per share from $11.09 million or $0.16 per share last year. Adjusted earnings were $1.49 per share, up from $0.22 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.89 per share. Analysts' estimates typically exclude special items.

Crocs' revenues for the quarter surged 63.6% to $460.10 million from $281.16 million last year. Analysts had a consensus revenue estimate of $415.28 million for the quarter.

CEO Andrew Rees said, "Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally."

Looking forward to the second quarter, Crocs expects revenues to grow between 60% and 70% compared to second quarter revenues of $331.5 million. Analysts currently estimate revenues of $461.66 million, or a growth of 85%.

For the full year 2021, the company expects revenues to grow between 40% and 50% compared to 2020 revenues of $1.39 billion. Analysts currently estimate revenues of 1.73 billion, or a growth of 25%. Previously, the company expected revenue growth to be between 20% and 25% for the full year 2021.

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