Under Armour cuts outlook again and shares plunge

BALTIMORE (AP) — Under Armour is cutting its annual outlook again, sending shares plunging 12 percent before the opening bell.

The Baltimore company posted a profit of $54.2 million, or 12 cents per share, Tuesday. Earnings, adjusted for restructuring costs, came to 22 cents per share, which was actually 3 cents better than Wall Street had expected, according to a survey by Zacks Investment Research. Revenue of $1.41 billion, however, is shy of analyst projections for $1.49 billion.

Under Armour Inc., more importantly, lowered its annual per-share earnings forecast to between 18 cents and 20 cents per share, about half what it told investors to expect in August.