Shares of Amer Sports (NYSE:AS), the maker of Wilson tennis rackets and Lousiville Slugger baseball bats, fell Tuesday even after the company said its holiday-quarter losses narrowed, driven by strong sales in China.
The newly public athletic company lost 25 cents a share during the fourth quarter, on revenue of $1.32 billion.
In the three months ended December 31, the company reported a net loss of $94.9 million, or 25 cents per share, compared with $148.3 million, or 39 cents per share, a year earlier.
Sales rose to $1.32 billion, up about 10% from $1.2 billion a year earlier.
Amer, which also owns Arc’teryx, Salomon and a number of other athletic equipment and apparel brands, operates in three distinct business segments. They are technical apparel, which includes its pricey Arc’teryx winter jackets, outdoor performance, such as Salomon’s winter sports equipment, and ball and racquet sports, which includes equipment and apparel from Wilson and Louisville, among others.
The company started trading on the New York Stock Exchange last month under the ticker “AS.” Shares rose just 3% in Amer’s debut on the public markets after it priced its IPO at a discount. Sellers showed muted interest in the stock during its first day of trading over concerns about its connections and exposure to China and its debt-laden balance sheet.
AS shares began Tuesday down $1.60, or 9.4%, to $15.74.
