Elf Beauty stock jumps more than 14% after beat-and-raise for beauty company

Shares of Elf Beauty Inc. (ELF) rocketed more than 14% in the after-hours session Tuesday after the beauty products maker reported fiscal first-quarter results well above Wall Street expectations and raised its guidance for the fiscal year, saying both sales and market share grew. "As we look ahead, we believe we are in the early innings of unlocking the full potential we see for Elf Beauty and are raising our fiscal 2024 outlook to reflect our continued momentum," Chief Executive Tarang Amin said in a statement. Elf earned $53 million, or 93 cents a share, in the quarter, compared with $14.5 million, or 27 cents a share, in the year-ago period. Adjusted for one-time items, Elf earned $1.10 a share. Sales rose 76% to $216.3 million, with "strength" in both the retailer and e-commerce channels, the company said. Analysts polled by FactSet expected Elf to report adjusted earnings of 57 cents a share on sales of $185 million. Elf upped its sales guidance for fiscal 2024 to between $792 million and $802 million, from a previous guidance of between $705 million and $720 million. It called for adjusted EPS between $2.19 and $2.22, from an earlier EPS outlook of between $1.73 and $1.76. The stock ended the regular trading day down 0.2%.

-Claudia Assis

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08-01-23 1624ET

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