2023-05-11 06:04:01 ET
- Yeti press release ( NYSE: YETI ): Q1 Non-GAAP EPS of $0.18 beats by $0.02 .
- Revenue of $302.8M (+3.1% Y/Y) beats by $8.81M .
- Adjusted gross profit, which excludes the impact related to the voluntary recalls, increased $5.8 million to $160.6 million, or 53.0% of adjusted sales, compared to $154.9 million, or 52.7% of adjusted sales, in the first quarter of 2022.
- Adjusted operating income decreased 43% to $21.7 million, or 7.2% of adjusted sales, compared to $38.0 million, or 13.0% of adjusted sales during the same period last year.
- For 2023, YETI reiterates : Adjusted sales to increase between 3% and 5% vs. consensus of $1.70B with adjusted sales growth weighted to the second half of the year, inclusive of an approximate 500 basis points.
- Capital expenditures of approximately $60 million primarily to support investments in technology and new product innovation and launches.
- Adjusted net income per diluted share between $2.12 and $2.23 vs. consensus of $2.19, reflecting a 5% to 10% decrease, with earnings growth beginning in the fourth quarter of the year.
- An effective tax rate of approximately 24.9% (compared to 22.8% in the prior year period).
- Adjusted operating income as a percentage of adjusted sales between 15% and 15.5% and adjusted operating income to decrease between 3% and 8%.
For further details see:
Yeti beats Q1 top and bottom line estimates; reaffirms FY23 outlook