Columbia Sportswear stock skyrockets as company swings to profit
Shares of Columbia Sportswear Co. rallied 12% in the extended session Thursday after the retailer beat Wall Street forecasts for its fourth quarter. Columbia said it earned $113.3 million, or $1.63 a share, in the quarter, versus a loss of $7.1 million, or 10 cents a share, in the fourth quarter of 2017. Adjusted for one-time items, the retailer earned $116.9 million, or $1.68 a share, compared with $1.31 a year ago. Revenue rose 18% to $917.6 million, the company said. Analysts polled by FactSet had expected GAAP and adjusted earnings of $1.28 a share on sales of $848 million. Columbia also said its board of directors has authorized an additional $200 million in stock buybacks. Shares of Columbia ended the regular trading day down 1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.