At the end of the fiscal year, SharkNinja posted Wall Street beats on earnings and revenue.
A Yahoo Finance-published analyst consensus estimate called for adjusted earnings per share of 86 cents and revenues of $1.31 billion.
Net sales advanced to $1.38 billion from $1.18 billion in the year-before period, while adjusted net sales increased to $1.38 billion from $1.15 billion on a constant currency basis, the company reported. The sales growth resulted primarily from gains in the Cooking and Beverage Appliances, Food Preparation Appliances and other SharkNinja segments, partially offset by a decrease in Cleaning Appliances.
Operating income was $100.8 million versus $53.8 million in the year-previous period while adjusted operating income was $200.2 million versus $114.7 million.
Fourth quarter results by segment were, SharkNinja stated:
- Cleaning Appliances. Net sales decreased to $541.5 million from $580.2 million in the period year over year, while adjusted net sales decreased to $541.5 million from $556.3 million, driven by softness in the North American market for corded and cordless vacuums partially offset by growth in the carpet extraction sub-category based on new product innovation.
- Cooking and Beverage Appliances. Net sales increased to $502.6 million from $382 million, while adjusted net sales increased to $502.6 million from $379 million, driven by growth in Europe, specifically in the United Kingdom, where the company strengthened its leading market position.
- Food Preparation Appliances. Net sales increased to $180.9 million from $163 million, while adjusted net sales increased to $180.9 million from $158.4 million, driven by strong sales of ice cream makers and compact blenders, led by the launch of new portable blenders.
Net sales and adjusted net sales in the other category grew to $152.5 million from $57.4 million in the quarter year over year, primarily driven by haircare products within the beauty category and air purifiers.
For the full year, net income slipped to $167.1 million, or $1.20 per share, from $232.4 million, or $1.67 per share, in the year-earlier while adjusted net income increased to $449.3 million, or $3.22 per share, from $330.4 million, or $2.38 per share.
Net sales advanced to $4.25 billion from $3.72 billion in the year before, while adjusted net sales increased to $4.18 billion from $3.62 billion during the prior year on a constant currency basis, SharkNinja stated. Operating income was $373.6 million versus $321.4 million in the year previous, while adjusted operating income was $638.3 million versus $453.1 million.
In announcing the financial results, SharkNinja CEO Mark Barrocas said, “SharkNinja extended its track record of exceptional organic growth and profitability in 2023 and expanded its innovative suite of products. We are delighting consumers with the highest-performing products and scaling innovation around the world. Our brands have strong momentum heading into 2024, and we continue to introduce new products, enter new categories and grow our international footprint. The SharkNinja team has built a unique culture and innovation engine that will propel us in the year ahead. We are confident that our strategy positions us to reach every living room, bedroom, kitchen and backyard while driving long-term returns for our stakeholders.”
