E.l.f Beauty, Inc. (NYSE:ELF) shares are soaring Thursday on the heels of an earnings beat after hours Wednesday.
What To Know: E.l.f. Beauty reported first quarter adjusted earnings of 42 cents per share. The number beat the analyst consensus estimate of 20 cents per share by 110% and represented a 223.08% year-over-year increase.
Quarterly sales came in at $187.36 million, beating the analyst consensus estimate of $156.12 million by 20.01%. This figure represents a year-over-year increase of 78.21%.
E.l.f. sees net sales for full-year 2024 between $705 million and $720 million, versus consensus estimates of $637.73 million, and adjusted EPS between $1.73 and $1.76 per share, versus consensus estimates of $1.64 per share.
E.l.f. Beauty’s chairman and CEO, Tarang Amin, highlighted the potential of the company by saying, “We grew net sales by 78% in Q4, marking our seventeenth consecutive quarter of net sales growth. We gained 270 basis points of market share in the quarter and increased our ranking to the number three U.S. Mass Cosmetics brand for the first time, according to Nielsen. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty.”
Many analysts echoed this sentiment by raising price targets, ranging from $87 to $121.
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ELF Price Action: Shares of ELF were up 19.1% at $102.95 at the time of publication, according to Benzinga Pro.
Photo: Jenny Porter from Pixabay.
