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August 05, 2006

Why Did Crox, Inc Get Clobbered?

posted by MR WAVETHEORY at 8/05/2006 12:32:00 AM
Crox delivered a great quarter by all measures coming in at $.39 vs $.22 estimate and top line of $85.6 million vs $57.0 million. So, why did the stock tank today to close at $27.41 (-1.59)? The stock opened high at $30.31, spiking to $30.75, and closing at the bottom of the range for the day.

Why did Crox get clobbered?
The high multiple may have been the reason, or maybe the guidance - revenues of $87.0-$89.0 million and EPS of $.38-.40 - which would merely be in line with the most recent quarter. According to the company,

"For the third quarter ending September 30, 2006, the Company currently anticipates total revenues to be in the range of $87.0 to $90.0 million and projects its net income per diluted share to range from $0.38 to $0.40, including share-based compensation expense."

For a high multiple stock like Crocs, which trades at 27x forward earnings vs an industry average of 18x, Crocs needs to continue delivering significant upside to keep the momentum going. At $27.41, you may be better off picking up a pair of Crocs Athens , Crocs Sandal, Jibbitz, or Crocs Prima at Crocs.com for $29.99.

Mr Wave Theory

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