E.l.f. Beauty, Inc. ELF shares are trading higher after the company reported better-than-expected third-quarter financial results and raised its 2024 guidance. Here's a look at the highlights.
The Details:
E.l.f. Beauty reported quarterly earnings of 74 cents per share, beating the analyst consensus estimate of 51 cents by 45.1% and representing a 54.17% increase over earnings of 48 cents per share from the same period last year.
Quarterly sales clocked in at $270.94 million which beat the analyst consensus estimate of $231.13 million by 17.23%. This is a 84.9% increase over sales of $146.54 million year-over-year.
“Our vision is to create a different kind of beauty company and you can see that in the exceptional, consistent, category-leading growth we’ve delivered,” said Tarang Amin, e.l.f. Beauty’s CEO.
“In Q3, we grew net sales by 85% and market share by 305 basis points, marking our 20th consecutive quarter of growth in each. I’m extremely proud of our team and the progress we continue to make across color cosmetics, skin care and internationally.”
E.l.f. raised its fiscal year 2024 earnings per share guidance from between $2.47 and $2.50 to between $2.84 and $2.87, versus the $2.74 estimate. The company also raised its revenue guidance from between $896 million and $906 million to between $980 million and $990 million, versus the $927.09 million estimate.
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ELF Price Action: According to Benzinga Pro, e.l.f. Beauty shares are trading up 6.07% after-hours at $183.90 at the time of publication.
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