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Elf Beauty Inc. stock skyrocked 12% in the extended session Wednesday after the beauty-products maker and retailer reported quarterly profit and sales well above Wall Street hopes and raised its outlook for the year.
Elf Beauty
ELF,
earned $19.1 million, or 34 cents a share, in the fiscal third quarter, compared with $6.2 million, or 12 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 48 cents a share.
Sales rose 49% to $146.5 million, mostly thanks to “strength” in both retail and e-commerce channels, Elf Beauty said.
Analysts polled by FactSet expected the company to report adjusted earnings of 23 cents a share on sales of $122 million.
“We delivered a terrific third quarter,” Chief Executive Tarang Amin said in a statement. The quarter marked Elf’s 16th straight quarter of net sales growth, Amin said.
Elf also updated its fiscal 2023 outlook, calling for sales between $541 million and $545 million, compared with a previous outlook of sales between $478 million and $486 million.
The company called for adjusted per-share earnings between $1.37 and $1.40, versus a prior call of adjusted EPS between $1.07 and $1.10.
Elf Beauty stock has rallied 91% in the past 12 months, contrasting with losses of about 10% for the S&P 500 index
SPX,
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