SharkNinja posted a strong second quarter, beating earnings and revenue estimates as core appliance categories saw substantial sales growth.
Net income advanced to $68 million, or 48 cents per diluted share, versus $11.9 million, or nine cents per diluted share, in the prior-year quarter, the company reported. Adjusted for one-time events, net income grew to $99.6 million, or 71 cents per diluted share, versus $65.2 million, or 47 cents per diluted share, in the year-earlier period.
An analyst consensus estimate published by Yahoo Finance called for adjusted diluted earnings of 62 cents and revenues of $1.09 billion.
Net sales increased 31.4% to $1.25 billion, SharkNinja maintained. The increase came from growth in Food Preparation Appliances, Cooking and Beverage Appliances, Cleaning Appliances, as well as a grouping that includes beauty and home environment merchandise.
Operating income increased 86.6% to $103.8 million, while adjusted operating income increased 61.5% to $143.2 million.
Cleaning Appliances net sales increased 12.6%, to $466.1 million in the quarter year over year, driven by the carpet extractor and cordless vacuums sub-categories, the company stated. Cooking and Beverage Appliances net sales increased by 10.6%, to $379.3 million year over year, driven by growth in Europe, with global growth supported by the success of the outdoor grills and outdoor ovens across in the United States and Europe. Food Preparation Appliances net sales increased by 84.8% to $264.9 million, year over year, driven by strong sales of ice cream makers and portable blenders. Net sales in the “other” category increased by 176.2% to $138.4 million year over year, primarily driven by the strength of hair care products, FlexBreeze fans and air purifiers.
Mark Barrocas, CEO, said, “SharkNinja fueled excellent organic and profitable growth in the second quarter. Our diversified portfolio of products and strong revenue mix drove broad-based, double-digit growth across each of our key product categories. We are expanding market share, entering new categories and growing our global footprint as we continue to execute on our proven three-pillar growth strategy. Looking ahead, we are confident in our ability to deliver high-performance products that solve consumer problems, even amidst certain challenges emerging in the global operating environment. Our relentless focus on execution has consistently yielded exceptional results, and we are positioned to execute this playbook going forward.”
