24/7 Market News Snapshot 20 August, 2024 – Amer Sports, Inc. (NYSE:AS)

August 20, 2024

DENVER, Colo., 20 August, 2024 (247marketnews.com) – (NYSE:AS) are discussed in this article.
Amer Sports, Inc. is witnessing a notable surge in its stock performance today, opening at $13.64 and climbing to $13.88, an increase of approximately 12.39% from the previous closing of $12.35. This robust gain signals strong bullish momentum, supported by a trading volume of 2.68 million shares, indicative of heightened investor interest. Analysts suggest that the stock may be surpassing key resistance levels, which could lead to further buying activity. Investors are advised to monitor volume and price movements closely, as these will play a critical role in the stock’s short-term trajectory.

In a concurrent development, Amer Sports has reported impressive second quarter results for 2024, reflecting substantial growth across its diverse portfolio of premium sports and outdoor brands, prominently led by the Arc’teryx brand. CEO James Zheng expressed enthusiasm about the company’s robust operational performance, with revenue climbing by 16% year-over-year to $994 million, and an impressive 18% increase when adjusted for constant currency.

Key segments contributed to this success, with the Technical Apparel division soaring by 34% to $407 million, bolstered by a 26% rise in omni-channel sales. The Outdoor Performance sector recorded an 11% increase to $304 million, while the Ball & Racquet Sports segment saw modest growth of 1%. Further enhancing its financial standing, the gross margin improved by 220 basis points to 55.5%, illustrating the company’s commitment to operational efficiency.

CFO Andrew Page remains optimistic, adjusting the 2024 financial outlook to project a revenue increase of 15% to 17%. Additionally, Amer Sports anticipates a third quarter revenue growth of 12% to 13%, underpinned by favorable market conditions. This performance reinforces the company’s positioning as a leader in the premium sports and outdoor category, driven by innovation and a commitment to quality.

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