E.l.f. Beauty raises full-year forecast, but stock falls
By Bill Peters
The results arrive as Wall Street frets over the state of consumer spending, and as competition increases in the beauty industry
Cosmetics and skincare-products maker E.l.f. Beauty raised its full fiscal-year outlook on Thursday, but shares fell after hours.
The company said it expects full-year sales of $1.28 billion to $1.3 billion, up from a prior forecast of $1.23 billion to $1.25 billion. E.l.f. Beauty (ELF) also said it expects adjusted earnings per share of $3.36 to $3.41, better than an earlier outlook for $3.20 to $3.25 a share. The company's fiscal year is set to conclude around around the end of March.
Shares fell 4.5% after hours. However, the stock is still up 30.2% so far this year.
The results arrived as Wall Street frets over the state of consumer spending, and as competition increases in the beauty industry.
For its fiscal first quarter, E.l.f. reported net income of $47.6 million, or 81 cents a share, compared with $52.9 million, or 93 cents a share, in the same quarter last year.
Adjusted earnings per share were $1.10. Sales jumped 50% to $324.5 million, helped by both sales at physical stores and online.
Analysts polled by FactSet expected adjusted earnings per share of 83 cents, on revenue of $305 million.
"We continue to make progress across color cosmetics, skincare and international and believe our unique areas of advantage will fuel our ability to win in fiscal 2025 and beyond," Chief Executive Tarang Amin said in a statement.
-Bill Peters
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08-08-24 1646ET
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