Crocs stock drops sharply after Q4 earnings forecast falls short of consensus estimates

Crocs Inc.’s CROX, -2.14% stock was down 15.7% in premarket trading on Thursday after the footwear maker issued fourth-quarter earnings projections that fell short of current analyst estimates, while its third-quarter results beat expectations. Crocs said its third-quarter net income rose to $177.03 million, or $2.87 a share, from $169.35 million, or $2.

72 a share in the year-ago quarter. Third-quarter adjusted profit at the Broomfield, Colo.-based company totaled $3.25 a share, well ahead of the FactSet consensus estimate of $3.10 a share. Revenue rose 6.2% to $1.05 billion, ahead of the estimate of $1.03 billion. Looking ahead, Crocs said it expects fourth-quarter profit of $2.05 to $2.35 a share, short of FactSet consensus estimate of $2.78 a share.

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