NEW YORK - YETI Holdings , Inc. (NYSE:YETI) saw its shares soar 12.75% on Thursday after the outdoor products maker reported better-than-expected second quarter results and raised its full-year outlook.
The Austin, Texas-based company posted adjusted earnings per share of $0.70, surpassing the analyst consensus of $0.64. Revenue climbed 9% YoY to $463 million, also beating estimates of $453.07 million.
YETI's strong performance was driven by robust demand for its coolers and equipment, which saw adjusted sales rise 14% in the quarter. The company also continued to see solid international growth, with adjusted sales outside the U.S. jumping 34%.
"YETI delivered another great quarter, highlighted by our Coolers & Equipment category and continued growth of our business outside the United States," said Matt Reintjes, President and CEO.
Gross margin expanded 280 basis points to 57.7% on an adjusted basis, helped by lower freight and product costs.
Looking ahead, YETI raised its full-year 2024 guidance. The company now expects adjusted EPS of $2.61-$2.65, up from its previous outlook of $2.49-$2.62 and above the $2.58 consensus. Revenue is projected at $1.81-1.84 billion, compared to the prior $1.80-1.83 billion range.
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