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Yeti shares jump premarket as earnings blow past estimates

Yeti Holdings Inc. shares (YETI) jumped 2.6% in premarket trade Thursday, after the maker of outdoor coolers and equipment crushed estimates for its fiscal fourth-quarter. The company posted net income of $62.4 million, or 71 cents a share, in the quarter to Jan. 2, up from $4.7 million, or 5 cents a share, in the year-earlier period. Adjusted per-share earnings came to 74 cents, well ahead of the 62 cents FactSet consensus. Sales rose 26% to $375.8 million from $297.6 million, also ahead of the $353.0 million FactSet consensus. "Our revenue growth combined with expanding margins generated over 75% adjusted EPS growth -- significantly ahead of our initial outlook during an unprecedented year of disruptions and challenges," Chief Executive Matt Reintjes said in a statement. Yeti is now expecting fiscal 2021 sales to grow 15% to 17% with growth weighted to the first half of the year. EPS is expected to range from $1.95 to $1.98, and adjusted EPS is expected to range from $2.11 to $2.14. The FactSet consensus is for EPS of $2.06. Shares have gained 128% in the last 12 months, while the S&P 500 has gained 17%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

 

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02-11-21 0620ET

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