June 23, 2024

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e.l.f. Beauty (ELF) earnings Q2 2024

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E.l.f. Beauty raised its full-year outlook for the second quarter in a row on Wednesday after posting another 76% year-over-year sales jump, beating Wall Street’s expectations. 

The cosmetics company, known for its viral TikTok marketing and middle-of-the-road pricing, also saw profits nearly triple compared with the year-ago period. 

Shares jumped about 9% in extended trading Wednesday.

Here’s how E.l.f. did in its fiscal second quarter, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: 82 cents, adjusted, vs. 53 cents expected
  • Revenue: $215.5 million vs. $197.1 million expected 

The company’s reported net income for the three-month period that ended Sept. 30 was $33.3 million, or 58 cents per share, compared with $11.7 million, or 21 cents per share, a year earlier. Excluding one-time items associated with stock-based compensation and intangible assets, as well as other items, E.l.f. reported adjusted earnings of $47.1 million, or 82 cents per share. 

Sales rose to $215.5 million, up 76% from $122.3 million a year earlier. During the previous quarter, sales were also up 76%. 

The strong results prompted the company to raise its full-year outlook for the second quarter in a row. It now expects net sales to increase between 55% and 57% to an estimated range of $896 million to $906 million. That’s ahead of projected full-year sales of $852 million, or growth of 47.1%, that analysts had expected, according to LSEG.

E.l.f. previously expected sales to be up between 37% and 39% to between $792 million and $802 million. 

The company also raised its adjusted profit guidance. It now expects full-year adjusted earnings to be between $144 million and $146 million, compared with a previous range of $125 million to $127 million. It’s expecting adjusted earnings per share to be between $2.47 and $2.50, compared with a consensus estimate of $2.46, according to LSEG. E.l.f. previously…

2023-11-01 16:10:00

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