Under Armour third quarter profit up 32 percent

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Profits were up 32 percent at Under Armour Inc. in the third quarter of 2011 as revenue continued to increase due to new products including charged cotton and fleece.

The Baltimore-based company announced Tuesday that net revenue was up 42 percent in the third quarter to $466 million, compared to $329 million in the previous year. Profit was $46 million compared to $35 million during the third quarter of 2010.

From January to the end of September, Under Armour reported net revenue of $1.07 billion compared to $763 million in 2010. Net income for the first nine months was $64 million compared to $46 million in 2010.

“We surpassed a billion dollars in net revenues last year, and the brand has already topped that milestone this year through the first three quarters,” Under Armour CEO Kevin Plank said in a statement. “Our product engines are as strong as ever, as demonstrated by consecutive quarters of 40 percent plus growth for the first time since 2007.”

Under Armour also raised its revenue and operating income forecast for 2011. The company said its revenue range from $1.46 billion to $1.47 billion, up 37 percent to 38 percent over 2010. The company had estimated its annual revenues would be in the $1.42 billion to $1.44 billion range.

Estimates of operating income for 2011 were raised to from $159 million to $162 million, up 42 percent to 44 percent over last year. Under Armour had said operating income would range from $155 million to $160 million.

Under Armour’s shares gained $3.82, or 5 percent, Tuesday to close at $80.15. They have ranged from $44.75 to $83.47 over the last 52 weeks.