NEEDHAM, Mass. - SharkNinja (NYSE: SN) delivered a robust performance in the first quarter of 2024, surpassing Wall Street's expectations for both earnings per share (EPS) and revenue.
The company reported an adjusted EPS of $1.06, which was significantly higher than the analyst consensus of $0.88. Revenue also exceeded forecasts, reaching $1.07 billion against the anticipated $918.06 million.
The strong quarterly results, representing a 24.7% increase in net sales compared to the same period last year, were driven by growth across all major product categories. This includes a notable 74.0% surge in Food Preparation Appliances and a 66.4% increase in the 'Other' category, which covers beauty and home environment products.
SharkNinja's stock responded positively to the news, jumping 7.4%, indicating investor confidence in the company's growth trajectory.
The company's CEO, Mark Barrocas, attributed the success to balanced growth and a robust pipeline of innovative products. He emphasized the company's strategic expansion into new product categories and international markets, which have contributed to the strong start in 2024.
Looking ahead, SharkNinja has raised its full-year outlook for 2024. The company now expects an adjusted EPS range of $3.66 to $3.82, which is above the analyst consensus of $3.61. This updated guidance suggests a 14% to 19% increase compared to the previous year, signaling confidence in continued growth.
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