e.l.f. Beauty (NYSE:ELF) witnessed a remarkable 14% surge in its shares intra-day today, attributed to the company’s impressive Q1 financial results and outlook.
The company exceeded analysts’ expectations by a wide margin. The company reported a profit per share of $1.10 on revenue of $216.3 million, while the Street estimates were lower, anticipating earnings of $0.57 per share on revenue of $184.6 million. This substantial outperformance was driven by a remarkable 76% year-over-year increase in net sales, showcasing the company’s robust growth.
Buoyed by these exceptional results and positive momentum, e.l.f. Beauty is optimistic about its future prospects. The company expressed confidence in its ability to unlock its full potential and subsequently raised its fiscal 2024 outlook. For the fiscal year 2024, the company projects earnings per share to be in the range of $2.19 to $2.22 on revenue amounting to $797 million. These forecasts significantly surpassed market consensus, which had anticipated earnings of $1.83 per share on revenue of $728 million.