e.l.f. Beauty press ( NYSE: ELF ) stock rocketed higher in Wednesday’s extended session after posting big top and bottom line beats for the third quarter.
The California-based company more than doubled EPS expectations at $0.48, while a 49.3% year over year jump in revenue to $146.5M also cruised past estimates. The cosmetics company also managed to increase margins by 180 basis points in the quarter while reporting an increase in market share.
"We delivered a terrific third quarter - growing our net sales by 49% and expanding our market share by 150 basis points, according to Nielsen.” CEO Tarang Amin said. “This quarter marked our 16th consecutive quarter of net sales growth, reflecting the continued strong execution by the e.l.f. Beauty team. As we look ahead, we're excited about the potential we see as we continue to make the best of beauty accessible to every eye, lip, face and skin concern."
Moving forward, the company raised its expectations for the final quarter of the fiscal year.
Management now anticipates $541M to $545M in net sales for the year, up from a prior guide of between $478M and $486M and well above the $490.35M Street consensus. Adjusted diluted earnings per share guidance was also hiked to a range of $1.37 to $1.40 from a prior $1.07 to $1.10 forecast. Analysts had anticipated $1.13 for the full year.
Shares of the Oakland-based cosmetics and skin care product manufacturer rose 11.43% shortly after the quarterly report was released .
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e.l.f. Beauty stock accelerates on big earnings beat, raised guide