Outdoor products manufacturer YETI (NYSE:YETI) reported second-quarter earnings ahead of estimates on better-than-expected Wholesale.
The Austin-based company saw net income of $38.1 million, or $0.44 per share, which adjusted for one-time gains and costs translated to $0.57 cents per share.
Analysts had expected adjusted EBITDA earnings of $0.47.
Although the company's revenue for the period reached $402.6 million, it fell short of expectations of $410.7 million.
That said, analysts hailed solid performance driven by better-than-expected Wholesale and broad-based strength across products. YETI (NYSE:YETI)’s Wholesale figures came in at around $193 million, according to the company.
In a note from Jeffries, analysts called YETI (NYSE:YETI) a “robust brand” with diverse growth avenues, high margins and strong cash flow.
“With strong customer reception to recent launches and the expected reintroduction of recalled products in H2, we remain confident in the remainder of the year,” Jeffries analysts wrote. “The company is well-positioned to tap into growth and maintain healthy cash flow ahead, in our view.”
Yeti also raised its full-year earnings estimates to $2.23 to $2.32 per share.
Shares of Yeti had added nearly 22% on Thursday morning to sit at $48.30.
Contact Angela at angela@proactiveinvestors.com
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