Why On Holding Stock Shot as Much as 16% Higher Today
Investors were very much switched on to On Holding (NYSE: ONON) Tuesday, as the Switzerland-based running shoe maker delivered first-quarter results that crushed analyst estimates. The company also raised its guidance, and that happy combination sent the shares soaring by nearly 16% in price during the day, before they settled down to close 1% above Monday's level.
For the quarter, On Holding experienced a delightfully powerful year-over-year increase in net sales of almost 68%. That top-line tally was nearly 236 million Swiss francs ($235 million). On the bottom line the company flipped dramatically to a non-IFRS (adjusted) profit for the period, specifically 14.3 million Swiss francs ($14.2 million, or $0.05 per share) from the year-ago quarter's 10.5 million Swiss franc ($10.5 million) loss.
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Source Fool.com
