BALTIMORE (WJZ) — Business is booming for Baltimore-based clothier Under Armour. The latest profit reports sent the stocks soaring to an all-time high, making millions and millions of dollars for its CEO.
Derek Valcourt has more on the big boost for the company.READ MORE: State's Attorney Won't Prosecute Tesla Driver Charged With 'Hitting' Crossing Guard In Glen Burnie
The company’s stocks rose 23 percent after it released a better than expected fourth quarter earnings report.
Under Armour executives ring the closing bell on Wall Street one day after it scored huge on the stock market.
Thursday, the Baltimore-based company’s stock prices shot up $19.54, closing at $104.76 after reporting fourth quarter 2013 net revenues increased 35 percent over the fourth quarter of 2012–far surpassing many analysts’ predictions.
“They had a blowout fourth quarter. They beat those expectations. And what was really impressive about their fourth quarter was the guidance they offered about 2014,” said Anirban Basu, Sage Policy Group. “And what the company is suggesting is that 2014 will be another very strong growth year in terms of earnings, profit margins, revenues and so the company’s stock price reflects those growing expectations.”
A big day for the company also meant a big day for its CEO Kevin Plank, who reportedly made $400 million Thursday. Forbes reports, in all, Plank’s personal fortune is up $1 billion since March.
And 2013 was a big year for the company, including the opening of their first retail stores.
Their stock surge comes just days after another big announcement that Under Armour will now outfit the University of Notre Dame athletic teams–a huge score over its athletic apparel rivals.READ MORE: Six Shot, Two Killed Overnight In Baltimore
“And right now, Under Armour in its competition with Nike and others has the momentum and that’s one of the reasons the stock prices have done so well,” Basu said.
And with so much support in Maryland…
“I’m addicted to it, I love it now. I just can’t get enough,” said Makani Samios-Uy.
“You feel good when you’re wearing it,” said Aaron Blake.
The company now plans for a 16th straight quarter of at least 20 percent growth.
For Under Armour, the goods news just keeps on coming. Friday, stock prices closed up again another $3.35.
Under Armour says as they head into the future one of their biggest challenges will be expanding business overseas.MORE NEWS: Fire Breaks Out At Canton Apartment Building
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