In Tuesday trading, shares of SandRidge Energy Inc. (SD, Financial) fell after reporting first-quarter earnings of 15 cents on revenue of $87.13 million, down 11.4% year over year. The company beat earnings estimates by 20 cents and revenue expectations by $43 million.
Moreover, adjusted earnings before interest, taxes, depreciation and amortization were $40 million.
"We significantly reduced overhead and improved operating margins, which better positions SandRidge to achieve profitable growth and value recognition," President and CEO Bill Griffin said.
On the other hand, shares of Crocs Inc. (CROX, Financial) jumped on Tuesday after reporting earnings per share of 15 cents for the first quarter, beating estimates by two cents. Revenue of $283.15 million grew 5.7% from the prior-year quarter and beat estimates by $10.95 million.
The gross margin was 49.4%, declining 50 basis points from the year-ago quarter.Ă‚ Moreover, the company repurchased 1.4 million shares for $20.1 million, at an average price of $14.32 per share.
“The year is off to a strong start, with first quarter results exceeding guidance on all metrics," President and CEO Andrew Rees said. "Our Spring/Summer 2018 collection is being well-received, and our LiteRide launch surpassed our expectations. We continue to successfully execute against our strategic priorities and are increasing our guidance. We now expect full year revenues to be up low single digits, as double-digit e-commerce growth and moderate wholesale growth more than offset the decline in retail revenues associated with our store closure plan.”
For the second quarter, the company expects revenue between $315 million and $325 million, compared to $313.2 million in the second quarter of 2017. The gross margin is expected to be slightly higher than last year’s rate of 54.2%.
Disclosure: The author holds no positions in any stocks mentioned.
