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Key Takeaways
- Yeti posted quarterly profit and sales that exceeded forecasts on strong demand for its coolers.
- International sales also increased.
- Yeti raised its full-year guidance for adjusted earnings per share and revenue.
Yeti Holdings (YETI) shares surged Thursday as the maker of insulated food and drink holders reported better-than-expected results and raised its guidance as demand for its coolers jumped.
The company posted second-quarter adjusted earnings per share (EPS) of $0.70, with revenue rising 15% year-over-year to $463.5 million. Both beat consensus estimates of analysts polled by Visible Alpha.
Sales at its Coolers & Equipment segment soared 31% to $205.9 million on demand for soft coolers and bags. The Drinkware division sales gained 6% to $246.5 million, driven by new products and colors.
Chief Executive Officer (CEO) Matt Reintjes said the company was well-positioned to respond to the cooler demand, which grew as the quarter progressed. He also pointed to a big gain in international sales, which increased 35%. They were 12% higher in the U.S.
Yeti Boosts FY Guidance
Yeti now expects full-year adjusted EPS of $2.61 to $2.65, up from the previous forecast of $2.49 to $2.62 It sees adjusted sales advancing 8% to 10%, versus its earlier outlook of 7% to 9%.
Shares of Yeti surged 17% to $43.42 as of 2:25 p.m. ET Thursday but remain down 16% year-to-date.