By Colin Kellaher
Rocky Brands shares jumped more than 40% Thursday after the footwear and apparel maker posted third-quarter results that surpassed Wall Street’s expectations.
Shares of the Nelsonville, Ohio, company were recently changing hands at $17.88, up nearly 42%.
After the closing bell Wednesday, Rocky Brands reported adjusted earnings of $1.09 a share for the quarter amid a 15% drop in sales to $125.6 million.
Analysts polled by FactSet, on average, were expecting earnings of 56 cents a share on sales of $117.1 million.
Rocky Brands said it believes it is well positioned to improve on recent trends in the fourth quarter and begin 2024 with an improved balance sheet and good momentum across its business.
Write to Colin Kellaher at [email protected]
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