YETI Holdings, Inc. (YETI), a producer of outdoor goods, announced on Thursday a net income of $56.28 million or $0.66 per share for the third quarter, surpassing last year's $42.66 million or $0.49 per share for the same period. The company's earnings and revenue exceeded analysts’ expectations, leading to a more than 4% increase in its stock during pre-market trading.
When excluding non-recurring items, earnings rose to $60.4 million or $0.71 per share, surpassing the Thomson-Reuters consensus estimate of $0.67 per share among 17 analysts. Typically, analysts’ forecasts omit these special items.
Operating income saw a 13% year-over-year increase, reaching $69.6 million, with adjusted operating income climbing 11% to $79.2 million.
The company's quarterly sales increased to $478.44 million, up from $433.56 million the previous year, exceeding the consensus estimate of $471.29 million.
Looking forward, YETI now predicts an adjusted EPS of approximately $2.65 for the entire year, with adjusted sales anticipated to rise close to 9%. This is an update from the earlier forecast of adjusted EPS ranging between $2.61 - $2.65 with sales growth anticipated between 8% and 10%. Analysts are projecting earnings of $2.64 per share with a sales growth expectation of 10.4%.
As of Wednesday's close, YETI's stock price stood at $36.13, marking a 3.01% decrease. Over the past year, the stock has traded within a range of $33.41 to $54.16.
