After climbing nearly 244% over the past year, e.l.f. Beauty (NYSE:ELF) shares are up a further 16% at the time of writing today after the cosmetics products provider delivered a better-than-anticipated first-quarter performance.
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ELF’s Q1 revenue soared 76.4% year over year to $216.3 million, surpassing estimates by ~$31.8 million. Additionally, EPS at $0.93 too scaled past expectations by $0.36. Impressively, the company expanded its market share by 260 basis points and is witnessing strength across its retailer and e-commerce channels.
What’s more, a combination of margin accretive mix, cost optimization, and favorable currency movements helped the company boost its gross margin by 280 basis points to 71% during the quarter.
Buoyed by this performance, ELF has also upped its fiscal 2024 outlook and expects net sales to land between $792 million and $802 million (prior outlook between $705 million and $720 million). EPS for the year is anticipated between $2.19 and $2.22 as compared to earlier expectations between $1.73 and $1.76.
Overall, the Street has a $117.30 consensus price target on ELF alongside a Strong Buy consensus rating.
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