BALTIMORE (AP) — A strong quarter from Under Armour is being overshadowed by federal investigations into the company’s accounting practices.
The athletic gear maker reported better than expected profit and revenue for the third quarter Monday, but shares are down 11% before the opening bell.
Quarterly profit reached $102.3 million, or 23 cents per share. That tops Wall Street per-share projections of 18 cents, according to Zacks Investment Research.
Revenue, at of $1.43 billion, just edged out expectations.
Under Armour Inc. said Sunday that it has been cooperating with the U.S. Securities and Exchange Commission and the U.S. Department of Justice on their investigations for two years.
Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UAA at https://www.zacks.com/ap/UAA