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Yeti shares up premarket after earnings beat and raised guidance

Yeti Holdings Inc. shares (YETI) jumped 1.6% in premarket trade Thursday, after the maker of cups and coolers for outdoor activities beat estimates for the third quarter and raised its guidance. The company posted net income of $52.9 million, or 60 cents a share, for the quarter, up from $51.4 million, or 58 cents a share, in the year-earlier period. Adjusted per-share earnings came to 64 cents, ahead of the 60 cent FactSet consensus. Sales rose to $362.6 million from $294.6 million a year ago, also ahead of the $358 million FactSet consensus. "While we are not immune to the confluence of supply chain disruptions and cost pressures that are pervasive in the market, our team's ongoing execution has supported our ability to once again raise both our top and bottom line outlooks for the year," said CEO Matt Reintjes in a statement. The company is now expecting full-year sales to grow 28% to 29%, compared with prior guidance of up 26% to 28%. It expects full-year adjusted EPS of $2.51 to $2.53, compared with prior guidance of $2.42 to $2.46. Shares have gained 51% in the year to date, while the S&P 500 has gained 23.7%.

-Ciara Linnane

 

(END) Dow Jones Newswires

11-11-21 0618ET

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