Yeti Holdings ( (YETI) ) has released its Q3 earnings. Here is a breakdown of the information Yeti Holdings presented to its investors.
YETI Holdings, Inc., based in Austin, Texas, is a prominent global designer and distributor known for its high-quality outdoor products, including coolers, drinkware, bags, and apparel, catering to a diverse range of outdoor enthusiasts.
In its third-quarter earnings report for 2024, YETI Holdings showcased significant growth, highlighting a 10% increase in net sales and a notable 35% rise in earnings per share (EPS). The company also updated its EPS outlook to the high end of its previous range, reflecting strong performance across its product offerings and international markets.
Key financial metrics from the third quarter included a 12% increase in Coolers & Equipment sales and a 9% rise in Drinkware sales. The company’s wholesale and direct-to-consumer channels saw growth of 14% and 8%, respectively. YETI also reported a flat gross margin of 58% but an adjusted gross margin expansion of 40 basis points. Operating income increased by 13%, and net income rose by 32%. YETI’s international sales soared by 30%, marking a fourth consecutive quarter of over 30% growth.
YETI’s management expressed confidence in their strategic execution and supply chain diversification efforts, which have allowed for continued investment in new product innovations. The company remains optimistic about its position heading into the holiday season, anticipating strong topline and earnings growth for the full fiscal year 2024.
Looking forward, YETI expects adjusted sales to increase by approximately 9% for fiscal 2024, with adjusted net income per diluted share forecasted to rise by 18%. The company aims to maintain its robust cash flow and strengthen its balance sheet, positioning itself for further strategic acquisitions and share repurchases.
