Summary by Moomoo AI
Amer Sports reported strong Q3 2024 results, with revenue increasing 17% to $1.35 billion. Technical Apparel segment, led by Arc'teryx, grew 34% to $520 million. Adjusted operating profit rose 46% to $195 million, with margin expanding 280 bps to 14.4%. Net income surged 257% to $56 million.The company raised its full-year 2024 guidance, now expecting 16-17% revenue growth and operating margin towards the high-end of 10.5-11.0%. Technical Apparel segment is projected to grow about 34% with margins slightly above 20%. Amer Sports also announced leadership changes, including a new Salomon CEO effective January 2025.Looking ahead, Amer Sports expressed confidence in its 2025 outlook, anticipating results consistent with its long-term financial algorithm of low-double-digit to mid-teens annual revenue growth and 30-70+ bps of annual adjusted operating margin expansion driven by gross margin growth.
