After beating Wall Street estimates on both top and bottom lines for a second quarter in a row, E.L.F. Beauty raised its full-year guidance. This cosmetics company is well-known for its viral TikTok marketing and mid-range pricing. It saw a 76% jump in its sales as compared to last year. Now, the company is expecting its sales to grow between 55% to 57% for the full year.
In extended trading on Wednesday, the company’s shares jumped about 9%. The company’s profits almost tripled as compared to its profits a year ago.
As per a survey by LSEG (formerly Refinitiv), E.L.F. Beauty’s earnings per share in the second quarter is 82 cents (adjusted), as compared to Wall Street’s anticipation of 53 cents. Furthermore, the company’s revenue turned out to be $215.5 million, as compared to Wall Street’s expectation of $197.1 million.
According to CNBC,
“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.”
Now, E.L.F. Beauty expects its sales to increase between 55% and 57%, with an estimated range of $896 million to $906 million. This projection is ahead of the full-year sales of $852 million (47.1% growth), which was the expectation of many analysts. Previously, E.L.F. Beauty had expected sales between 37% and 39% (that is a range between $792 million and $802 million).