SharkNinja reported third quarter sales and revenue that exceeded Wall Street estimates and upped its full-year sales and profit outlook.
The household appliances and cleaning solutions provider reported a 13.1% year-over-year increase in sales to $1.07 billion, above Wall Street estimates of $1 billion.
The increase was attributed to growth in cooking and beverage appliances and food preparation appliances, partially offset by a drop in cleaning appliances, which decreased 10.7% year-over-year to $449.3 million in sales.
Adjusted earnings per share (EPS) improved from $0.71 to $0.95, ahead of estimates of $0.82.
The company also raised its full-year sales forecast, now expecting its sales to increase from 11.5% to 12.5% over fiscal 2022, above the analyst expectation of an 8.1% increase.
It expects adjusted EPS of $3.06 and $3.14, representing a 29% to 32% year-over-year increase, ahead of analysts’ estimates of EPS of $2.99.
SharkNinja had previously guided 2023 net sales growth between 9% and 11% and adjusted EPS between $2.85 and $3.02.
But this wasn’t enough to impress investors, with SharkNinja shares trading down 2.1% at US$43.09 early on Thursday afternoon.
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