E.L.F. Beauty’s stock climbs on higher full-year forecasts, bullish outlook

by | Feb 6, 2024 | Stock Market

E.L.F. Beauty Inc. on Tuesday raised its full-year sales and profit outlook and said it had gained market share in its fiscal third quarter — a trend it believes it could accelerate in the years ahead via a bigger push into retailers with its lower-priced cosmetics and skincare products. The cosmetics brand said it expects sales for its 2024 fiscal year to come in at $980 million to $990 million, up from previous expectations of $896 million to $906 million. The company now anticipates full-year adjusted earnings per share of $2.84 to $2.87, compared with a prior outlook of $2.47 to $2.50.

It also reported third-quarter adjusted earnings per share of 74 cents, above analyst forecasts of 57 cents, per FactSet data. Revenue of $270.9 million for the quarter was above estimates of $238.9 million. Shares were up 3.5% after hours. On E.L.F. Beauty’s
ELF,
+2.11%
earnings call Tuesday, Chief Executive Tarang Amin said that within the company’s color-cosmetics segment, its market share had expanded and could further double over the next few years. He noted that such products had topped others in popularity on shelves at Target Corp.
TGT,
+1.48%,
a longtime customer. “We’re focused on replicating our success at Target across other key re …

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[mwai_chat context=”Let’s have a discussion about this article:nnE.L.F. Beauty Inc. on Tuesday raised its full-year sales and profit outlook and said it had gained market share in its fiscal third quarter — a trend it believes it could accelerate in the years ahead via a bigger push into retailers with its lower-priced cosmetics and skincare products. The cosmetics brand said it expects sales for its 2024 fiscal year to come in at $980 million to $990 million, up from previous expectations of $896 million to $906 million. The company now anticipates full-year adjusted earnings per share of $2.84 to $2.87, compared with a prior outlook of $2.47 to $2.50.

It also reported third-quarter adjusted earnings per share of 74 cents, above analyst forecasts of 57 cents, per FactSet data. Revenue of $270.9 million for the quarter was above estimates of $238.9 million. Shares were up 3.5% after hours. On E.L.F. Beauty’s
ELF,
+2.11%
earnings call Tuesday, Chief Executive Tarang Amin said that within the company’s color-cosmetics segment, its market share had expanded and could further double over the next few years. He noted that such products had topped others in popularity on shelves at Target Corp.
TGT,
+1.48%,
a longtime customer. “We’re focused on replicating our success at Target across other key re …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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