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Adidas (ADDYY) Posts Robust Q2 Results, Upgrades Outlook

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Sporting goods company, Adidas AG (ADDYY - Free Report) came out with second-quarter 2017 results, wherein the company’s net income from continuing operations surged about 16% to €347 million (approximately $381.6 million).

For 2017, management now envisions net income from continuing operations to rise in a range of 26% - 28% to € 1.360 - € 1.390 billion.

Revenues: Adidas generated revenues of €5,038 million ($5,539.9 million) that advanced 20% year over year. The Zacks Consensus Estimate stood at $5,726 million. Revenues jumped 19% on a currency-neutral basis, backed by strong performances by adidas (up 21%) and Reebok (up 5%). 

Management now anticipates currency-neutral sales to advance in a range of 17%-19% in 2017.

Zacks Rank: Currently, Adidas carries a Zacks Rank #1 (Strong Buy) which is subject to change following the just released earnings results. You can see the complete list of today’s Zacks #1 Rank stocks here.

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