During the first quarter, SharkNinja pushed past a billion dollars in sales and beat Wall Street estimates.
Net income was $109.6 million, or 78 cents per diluted share, versus $87.1 million, or 63 cents per diluted share, in the year-before quarter. Adjusted for one-time events, net income was $148.6 million, or $1.06 per diluted share, versus $119 million, or 86 cents per diluted share, in the year-previous period, according to the company.
An analyst consensus estimate published by Yahoo Finance called for adjusted diluted earnings per share of 99 cents and revenues of $949.9 million.
Net sales were $1.07 billion versus $855.3 million in the year-prior quarter. Operating income was $154.9 million versus $122.6 million in the year-earlier period, while adjusted operating income was $202.2 million versus $159.3 million.
In the quarter by segment year over year:
- Cleaning Appliances net sales increased by 1.7%, to $421.9 million, driven by the extractor and robotics sub-categories.
- Cooking and Beverage Appliances net sales increased by 28.4% to $329.6 million, driven by growth in Europe, specifically the United Kingdom, and the success of the company’s outdoor grill and outdoor oven across markets in the United States and Europe.
- Food Preparation Appliances net sales increased by 74% to $205 million, driven by strong sales of ice cream makers and compact blenders, especially portable blenders.
- Other category sales increased 66.4% to $109.6 million, primarily driven by continued strength in haircare products within the beauty category, increased sales in the air purifier sub-category resulting from product innovations, and the FlexBreeze fan new product launch.
“SharkNinja is off to a strong start in 2024 with outstanding business performance and balanced growth in the first quarter while driving continued momentum into the second quarter,” said Mark Barrocas, the company’s CEO, in announcing the financial results. “We are gaining share in our existing product categories and geographies; we have a robust pipeline of innovative products in new categories, and we see significant opportunity to grow in international markets. Based on the strength of our performance so far, we are raising our full-year outlook. Looking forward, we are confident in the power of our three-pillar growth strategy to deliver sustainable, profitable long-term growth and shareholder value.”
