Leave aside being overpaid. It is stunning that Ron Snyder, CEO of Crocs (CROX), can keep his job. After repeated earnings disappointments, shares in the company hit a 52-week low today of $.79, down from the period high of $46.80.
Crocs reported a net loss of $148 million for the third quarter compared with net income of $57 million in the period a year ago. Revenue dropped 32% to $174 million from $256 million. Wall St estimates were for sales of $202 million.
But, it was guidance that bled the stock price out. Crocs estimated a Q4 loss of $.50 to $.65 a share on revenue of $100 million to $120 million. Analysts estimates were for sales of $186 million.
CEO Snyder made almost $7 million last year with a base salary of $800,000 and $3.2 million in deferred compensation.
Crocs market cap fell to about $75 million today.
Douglas A. McIntyre