Locust Point

Under Armour knows some of the best ideas are beyond its Baltimore campus waiting to be discovered, so the company is opening its doors to more entrepreneurs with innovative concepts for future products. The sportswear maker will begin hosting innovation challenges twice a year — instead of annually — for entrepreneurs outside Under Armour to suggest ideas for new innovations the company can incorporate in future product designs. Under Armour began holding the contests annually three years ago, and the results of the first challenge will hit the market in 2014.

Sports apparel maker Under Armour Inc. reported a 7 percent gain in second-quarter earnings Tuesday, beating Wall Street estimates as new offerings in women's apparel and footwear helped drive sales increases. Net income increased 7 percent to $7 million, or 6 cents per share, in the quarter that ended June 30, compared with $6 million, or 6 cents per share, in the second quarter of 2011, the Baltimore company said. Earnings per share reflected a two-for-one stock split, the company's first, distributed July 9. The company saw net revenues jump 27 percent to $369 million, compared with revenues of