For the third quarter, SharkNinja beat analyst estimates on sales and earnings as revenues gained across all the company’s business segments.
A Yahoo Finance-published analyst consensus estimate called for earnings per adjusted diluted share of $1.14 and revenues of $1.32 billion.
Net sales increased to $1.43 billion from $1.07 billion in the year-before quarter. Adjusted net sales increased to $1.43 billion from $1.06 billion in the year-previous period. The increase in net sales and adjusted net sales resulted from growth in each of SharkNinja’s four product production segments: Food Preparation Appliances, Cooking and Beverage Appliances, Cleaning Appliances and Other, which includes beauty and home environment products. SharkNinja defines adjusted net sales as excluding certain items that the company doesn’t consider indicative of its ongoing operating performance following business separations, including net sales from divestitures.
Operating income was $180.3 million versus $94.5 million in the quarter a year past, as adjusted operating income came in at $237.5 million versus $190.1 million.
As for business segments, SharkNinja noted, for the quarter year over year:
- Cleaning Appliances net sales increased to $527.5 from $449.3 million and adjusted net sales gained from $442.5 million to $527.5 million, driven by the carpet extractor and cordless vacuums sub-categories.
- Cooking and Beverage Appliances net sales increased to $411.5 million from $339.3 million as adjusted net sales of Cooking and Beverage Appliances gained from $338.1 million to $411.5 million driven by growth in Europe and the continued momentum within heated cooking.
- Food Preparation Appliances net sales increased to $366.8 million from $211.5 million as adjusted net sales of Food Preparation Appliances gained from $209.3 million to $366.8 million driven by strong sales of ice cream makers and the launch of frozen drink appliances.
- Other net sales increased to $120.8 million from $70.5 million as adjusted net sales of Other products gained from $67.5 million to $120.8 million, primarily driven by the strength of hair care products and air purifiers.
In announcing the financial results, Mark Barrocas, SharkNinja CEO, said, “SharkNinja delivered another quarter of outstanding top and bottom-line performance, demonstrating the continued success of our three-pillar growth strategy. Our robust innovation pipeline, unparalleled consumer insights, and strong demand creation engine are driving strong double-digit growth across our portfolio, enabling us to gain a share in existing categories, enter new categories, and expand globally. As we enter the holiday season, we are pleased with the momentum in our business despite the ongoing challenges in the global operating environment. We remain confident in our ability to deliver sustainable long-term profitable growth as we capture increasing share in our large and growing addressable market.”
