Drugstore makeup brand e.l.f. Beauty raised its full-year outlook Tuesday after reporting a 76% year-over-year sales jump, sending shares surging about 15% in extended trading.
Here’s what the cosmetics company reported for its fiscal first quarter of 2024 and what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.10, adjusted, vs. 56 cents expected
- Revenue: $216.3 million vs. $184 million expected
The company’s reported net income for the three-month period that ended June 30 was $53 million, or 93 cents per share, compared with $14.5 million, or 27 cents per share, a year earlier. Excluding one-time items, e.l.f. earned $62.9 million, or $1.10 per share.
Sales soared to $216.3 million from $122.6 million a year earlier.
The digitally native beauty company, which has grown its brand by harnessing the power of social media marketing, said those strong sales were the basis for raising its full-year outlook.
The company said it expects net sales to be between $792 million and $802 million, compared with a previous range of $705 million to $720 million. Analysts had been expecting a range between $713 million and $760 million, according to Refinitiv.
E.l.f. now expects adjusted full-year profits to be between $125 million and $127 million, compared with a previous range of $98.5 million to $100.5 million.
“This marks our 18th consecutive quarter of delivering both net sales growth and market share gains,” Tarang Amin, e.l.f.’s chairman and CEO, said in a news release. “We are one of only five publicly traded consumer companies out of 274 that has grown for 18 straight quarters and averaged at least 20% sales growth per quarter over that period.”