Shares of household appliance maker SharkNinja (NYSE:SN) are soaring higher today after it posted robust second-quarter numbers, nearly three weeks after going public.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
During the quarter, SharkNinja’s revenue rose 22.1% year-over-year to $950.31 million, driven by new product launches in the outdoor cooking and beauty categories. Additionally, its adjusted EBITDA surged by 40% to $113.6 million, with EPS coming in at $0.47.
Furthermore, a combination of lower average inbound freight and robust sales in higher-margin direct-to-consumer channels helped the company improve its gross margins by 430 basis points to 41.8% in Q2.
Looking ahead to the full year 2023, SharkNinja expects net sales to rise in the range of 9% to 11%. Adjusted EPS for the year is expected to land between $2.85 and $3.02. This points to growth of between 10% and 12% in the company’s bottom line compared to the prior year.
Today’s price gain comes after a nearly 20.1% drop in SharkNinja shares over the past month.
Read full Disclosure
