Ahead of participating in the 27th annual ICR conference this
week, Amer Sports Inc. (NYSE: AS) (“Amer Sports” or the “Company”)
today announced preliminary revenue and adjusted operating margin
results for fiscal year 2024, as well as provided a balance sheet
update. The Company will report fourth quarter and fiscal year 2024
financial results on February 25, 2025, and will provide detailed
results and 2025 guidance at that time.
Amer Sports expects full year 2024 revenue growth to be at the
high end of the previous guidance range of 16–17% despite rising
headwinds related to unfavorable foreign currency exchange rate
fluctuations in the fourth quarter. The Company also expects full
year 2024 adjusted operating margin to be at the high end of the
previous guidance range of 10.5–11.0%. In addition, Amer Sports
announced that it has repaid all $1.2 billion of its outstanding
term loans in the fourth quarter and expects fiscal year 2025
adjusted net finance costs to approximate $120 million, as compared
to the previous guidance of $180-190 million.
CFO Andrew Page commented "Despite increasing currency
headwinds, our portfolio delivered another strong quarter of growth
and profitability to close out 2024, with all segments and regions
delivering solid top-and bottom-line results. Furthermore, our
recent capital raise and strong cash conversion in the fourth
quarter has allowed us to pay down more than half of our debt prior
to year end and significantly deleverage our balance sheet.” Page
concluded by saying "Looking forward, led by the continued global
expansion of our flagship Arc’teryx brand as well as Salomon
footwear, we are well positioned to deliver sustainable long-term
growth and margin expansion.”
ABOUT AMER SPORTS
Amer Sports is a global portfolio of iconic sports and outdoor
brands, including Arc’teryx, Salomon, Wilson, Peak Performance,
Atomic, and Armada. Our brands are known for their detailed
craftsmanship, unwavering authenticity, and premium market
positioning. As creators of exceptional apparel, footwear, and
equipment, we pride ourselves on cutting-edge innovation,
performance, and designs that allow elite athletes and everyday
consumers to perform their best.
With over 12,700 employees globally, Amer Sports’ purpose is to
elevate the world through sport. Our vision is to be the global
leader in premium sports and outdoor brands. With corporate offices
in Helsinki, Munich, Kraków, New York, and Shanghai, we have
operations in 40+ countries and our products are sold in 100+
countries. Amer Sports generated $4.4 billion of revenue in 2023.
Amer Sports, Inc. shares are listed on the New York Stock Exchange.
For more information, visit www.amersports.com.
NON-IFRS MEASURES
Adjusted gross profit margin, adjusted SG&A expenses,
adjusted operating profit margin, adjusted EBITDA, adjusted net
income/(loss) attributable to equity holders, and adjusted diluted
income/(loss) per share are financial measures that are not defined
under IFRS Accounting Standards. Adjusted gross profit margin is
calculated as adjusted gross profit divided by revenue. Adjusted
gross profit is calculated as gross profit excluding amortization
related to certain purchase price adjustments (PPA) in connection
with the acquisition and delisting of Amer Sports in 2019 and
restructuring expenses. Adjusted SG&A also excludes PPA
amortization, as well as adjustments to exclude restructuring
expenses, expenses related to transaction activities, expenses
related to certain legal proceedings, and certain share-based
payments. Adjusted operating profit margin is calculated as
adjusted operating profit divided by revenue. Adjusted operating
profit is calculated as income/(loss) before tax with adjustments
to exclude PPA amortization, restructuring expenses, impairment
losses on goodwill and intangible assets, expenses related to
transaction activities, expenses related to certain legal
proceedings, certain share-based payments, finance costs, loss on
debt extinguishment, and finance income. EBITDA is calculated as
net income/(loss) attributable to equity holders of the Company,
plus net income attributable to non-controlling interests, income
tax expense, finance cost, loss on debt extinguishment,
depreciation and amortization and minus finance income, from both
continuing and discontinued operations. Adjusted EBITDA is
calculated as EBITDA with adjustments to exclude results from
discontinued operations, restructuring expenses, impairment losses
on goodwill and intangible assets, expenses related to transaction
activities, expenses related to certain legal proceedings and
certain share-based payments. Adjusted net income/(loss)
attributable to equity holders is calculated as net income/(loss)
attributable to equity holders with adjustments to exclude PPA
amortization, loss from discontinued operations, restructuring
expenses, impairment losses on goodwill and intangible assets,
expenses related to transaction activities, expenses related to
certain legal proceedings, certain share-based payments, loss on
debt extinguishment and related income tax expense. “Omni-comp” is
defined as year-over-year revenue growth from owned retail stores
and e-commerce sites that have been open at least 13 months.
The Company believes that these non IFRS measures, when taken
together with its financial results presented in accordance with
IFRS Accounting Standards, provide meaningful supplemental
information regarding its operating performance and facilitate
internal comparisons of its historical operating performance on a
more consistent basis by excluding certain items that may not be
indicative of our business, results of operations or outlook. In
particular, adjusted EBITDA and adjusted net income/(loss) are
helpful to investors as they are measures used by management in
assessing the health of the business and evaluating operating
performance, as well as for internal planning and forecasting
purposes. Non-IFRS financial measures however are subject to
inherent limitations, may not be comparable to similarly titled
measures used by other companies and should not be considered in
isolation or as an alternative to IFRS measures. The supplemental
tables below provide reconciliations of each non-IFRS financial
measure presented to its most directly comparable IFRS Accounting
Standards financial measure.
FORWARD LOOKING STATEMENTS
This press release includes estimates, projections, statements
relating to the business plans, objectives, and expected operating
results of the Company that are “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. In many cases, you can
identify forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “target,” “outlook,”
“believes,” “intends,” “estimates,” “predicts,” “potential” or the
negative of these terms or other comparable terminology. These
forward looking statements include, without limitation, guidance
and outlook statements, our long-term targets and algorithm,
statements regarding our ability to meet environmental, social and
governance goals, expectations regarding industry trends and the
size and growth rates of addressable markets, and statements
regarding our business plan and our growth strategies. These
statements are based on management’s current expectations but they
involve a number of risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in
the forward-looking statements as a result of factors relating to,
without limitation: the strength of our brands; changes in market
trends and consumer preferences; intense competition that our
products, services and experiences face; harm to our reputation
that could adversely impact our ability to attract and retain
consumers and wholesale partners, employees, brand ambassadors,
partners, and other stakeholders; reliance on technical innovation
and high-quality products; general economic and business conditions
worldwide, including due to inflationary pressures; the strength of
our relationships with and the financial condition of our
third-party suppliers, manufacturers, wholesale partners and
consumers; ability to expand our DTC channel, including our
expansion and success of our owned retail stores and e-commerce
platform; our plans to innovate, expand our product offerings and
successfully implement our growth strategies that may not be
successful, and implementation of these plans that may divert our
operational, managerial and administrative resources; our
international operations, including any related to political
uncertainty and geopolitical tensions; our and our wholesale
partners’ ability to accurately forecast demand for our products
and our ability to manage manufacturing decisions; our third party
suppliers, manufacturers and other partners, including their
financial stability and our ability to find suitable partners to
implement our growth strategy; the cost of raw materials and our
reliance on third-party manufacturers; our distribution system and
ability to deliver our brands’ products to our wholesale partners
and consumers; climate change and sustainability or ESG-related
matters, or legal, regulatory or market responses thereto; changes
to trade policies, tariffs, import/export regulations,
anti-competition regulations and other regulations in the United
States, EU, PRC and other jurisdictions, or our failure to comply
with such regulations; ability to obtain, maintain, protect and
enforce our intellectual property rights in our brands, designs,
technologies and proprietary information and processes; ability to
defend against claims of intellectual property infringement,
misappropriation, dilution or other violations made by third
parties against us; security breaches or other disruptions to our
IT systems; changes in government regulation and tax matters; our
ability to remediate our material weakness in our internal control
over financial reporting; our relationship with our significant
shareholders; other factors that may affect our financial
condition, liquidity and results of operations; and other risks and
uncertainties set out in filings made from time to time with the
SEC and available at www.sec.gov, including, without limitation,
our reports on Form 20-F and Form 6-K. You are urged to consider
these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. The forward-looking
statements made herein speak only as of the date of this press
release and the Company undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances, except as may be required by law.
Source: Amer Sports, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20250113224547/en/
Investor Relations: Omar Saad Senior Vice President Group
Investor Relations and Capital Markets omar.saad@amersports.com
Media: Reeta Eskola Director, Communications
reeta.eskola@amersports.com
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