Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. Details on Industry Insight.
Here are top-line highlights from Volcom's third quarter results released this afternoon.
Total revenue: down 15.9% to $93.9 million. While down, revenues were $9 million above the company's previous top-of-range guidance.
U.S. revenue (includes U.S., Canada, Japan): down 21.9% to $56.8 million.
Europe revenue: down 2.6% to $30.2 million, but up 9% in constant currency.
Electric revenue: down 12.6% to $6.9 million
Net income: down 18.4% to $13.3 million
Gross margin: 51.6% vs. 49.4% the same period last year.
Cash: The company has $99.3 million in cash and equivalents and no debt.
Q4 forecast: Revenues should range from $59 million to $62 million. Earnings per share will range from 1 to 4 cents.
Full year forecast: Revenue between $275 million to $278 million. Earnings per share from 76 to 79 cents.