Shares of Elf Beauty Inc. (ELF, -0.19%) skyrocketed over 14% in the after-hours session on Tuesday following the release of their fiscal first-quarter results. The beauty products maker exceeded Wall Street expectations and raised its guidance for the fiscal year, attributing the success to a significant increase in sales and market share.
Surpassing Expectations
During this quarter, Elf generated an outstanding $53 million in earnings, or 93 cents per share, compared to $14.5 million, or 27 cents per share, in the same period last year. After adjusting for one-time items, Elf reported a remarkable $1.10 per share, impressing both investors and analysts alike.
Exceptional Sales Performance
Elf also experienced a remarkable surge in sales, which soared by an impressive 76% to a whopping $216.3 million. This increase was driven by robust performance in both retail and e-commerce channels. The company attributed its success to the strength of its products across various platforms.
Raised Fiscal 2024 Outlook
Due to their continued momentum and positive prospects for the future, Elf’s Chief Executive, Tarang Amin, expressed their strong belief in the untapped potential that lies ahead for the company. In light of this, Elf has upped its sales guidance for fiscal 2024 to a range of $792 million to $802 million. Previously, they had projected sales between $705 million and $720 million. Furthermore, Elf has revised its adjusted earnings per share (EPS) outlook from $1.73-$1.76 to $2.19-$2.22, reinforcing their confidence in sustained growth.
Market Movement
Despite ending the regular trading day with a slight dip of 0.2%, Elf’s impressive Q1 results and raised guidance have undoubtedly left investors feeling optimistic about the future.
