Sportswear company Under Armour (NYSE: UAA) reported stronger-than-expected earnings for the third quarter of 2019, despite a decline in revenues. The company also revised down its full-year guidance, sending the stock sharply lower during Monday’s pre-market trading session.

Third-quarter net income rose to $102.32 million or $0.23 per share from $75.27 million or $0.17 per share in the same period of last year. Analysts were looking for a lower profit.

Under Armour (UAA) stock falls on guidance cut; Q3 earnings beat

Revenues declined 1% annually to $1.43 billion but came in slightly above analysts’ forecast. Wholesale revenue decreased by 2 % and direct-to-consumer revenue rose 1%.

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During the quarter, strength in the international business continued to offset weakness in the North American division. Revenue from international markets grew 5% during the quarter, compared to a 4% declined witnessed in North America.

“Our ongoing transformation across the business continues to make us smarter, faster and more operationally excellent. As we make the turn into 2020, we are confident in our ability to deliver our fourth quarter targets while proactively supporting higher levels of strategic marketing investments that will further fuel the Under Armour brand,” said CEO Kevin Plank.

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The management said it expects full-year revenue to grow about 2%, which is below the earlier forecast for 3-4% growth.

Under Armour shares lost about 12% early Monday, soon after the earnings report, after closing the previous session higher.

Earlier this month, Kevin Plank announced that he would move on to the position of Executive Chairman and Brand Chief, while Patrik Frisk would take over as the new CEO, effective January 1, 2020.

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