On Holding, the parent company behind Swiss shoemaker On Running, posted a second consecutive quarter of record revenue results early Tuesday. However, earnings forecasts fell short of estimates. ONON stock jumped Tuesday after tumbling in premarket trade.
On Holding reported adjusted earnings of 16 cents per share, coming in short of FactSet views for 19 cents. Revenue leapt about 29% to a record $653.8 million, ending a string of five quarters of decelerating growth. Analysts expected $646.8 million in sales.
On Running maintained its full-year forecast for at least 30% net sales growth on a constant currency basis. That implies net sales of at least 2.26 billion Swiss Francs, which is about $2.61 billion.
The company expects a gross profit margin of around 60% for 2024 with an adjusted EBITDA margin of 16% to 16.5%.
On Running Stock
ONON stock swung 4.4% higher Tuesday, rebounding above its 50-day moving average. The stock fell 5.8% premarket.
Shares are forming a base with a 44.30 buy point, but had fallen back below the 50-day line on Monday.
On Running stock leapt 53% in 2024.
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