elf beauty cosmetics
Provided by: Elf Beauty
elf beauty reported a significant profit beat on Wednesday and raised its outlook for the fiscal year.
Elf shares rose as much as 15% in after-hours trading, but lost most of their gains.
Here’s what the company reported in its third fiscal quarter compared to LSEG analyst estimates:
Earnings per share: $1.24 adjusted vs. 72 cents expected Earnings: $490 million vs. $460 million expected
Elf said net sales increased 38% to $489.5 million, or $1.24 per share, from $355 million, or 74 cents per share, in the year-ago period, driven by growth worldwide and across retailers and e-commerce. The company reported adjusted net income of $74.5 million, up from $43 million in the year-ago period.
The company recently acquired celebrity Hailey Bieber’s skin care company Lorde in a deal worth about $1 billion, contributing $128 million to the company’s third-quarter net sales growth. Elf told CNBC it expects Lord to contribute up to $265 million to net sales this year, an increase of $65 million from its previous outlook.
Elf also raised its full-year guidance, raising its sales guidance to a range of $42 million to $50 million.
“Our third quarter results, including a 130 basis point market share increase for our namesake Elf Cosmetics brand and the record-breaking launch of Lord at Sephora UK, are a continuation of the consistent category-leading growth we have achieved over the past 28 quarters,” CEO Taran Amin said in a statement. “Our value proposition, strong innovation and disruptive marketing engine continue to inspire our brand.”
—CNBC’s Jodi Gralnick contributed to this report.
