e.l.f. Beauty (NYSE: ELF) surged in pre-market trading on Thursday after the cosmetics company raised its FY24 guidance, projecting net sales in the range of $896 million to $906 million. Those numbers compare favorably to its prior net sales forecast of between $792 million and $802 million. Furthermore, it is considerably higher than analysts’ FY24 consensus estimates of $866.3 million.
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ELF also raised its FY24 earnings outlook, and now forecasts adjusted earnings in the range of $2.47 to $2.50, versus its prior forecast of between $2.19 and $2.22 per share. For reference, analysts were expecting adjusted earnings of $2.43 per share.
In the Fiscal second quarter, ELF’s adjusted earnings more than doubled to $0.82 per diluted share and above consensus estimates of $0.24 per share. The company generated revenues of $431.8 million, up by 76% year-over-year and surpassing analysts’ estimates of $413.4 million.
Is ELF Good to Invest In?
Analysts remain bullish on ELF stock with a Strong Buy consensus rating based on nine Buys and three Holds. The average ELF price target of $139.45 implies an upside potential of 47.5% at current levels.
