Shares in air-fryer and vacuum cleaner maker SharkNinja Inc rose to a new high after beating expectations for first-quarter earnings and guidance for the full year.
The Massachusetts-based company increased sales 24.7% to $1.07 billion, beating the $950 million that Wall Street analysts had forecast, with growth across its four major product categories.
Food preparation appliances led growth with an $87.20 million or 74% increase, cooking & beverage appliances by $73 million or 28.4% and cleaning appliances by $7.1 million or 1.7%, with other products up $44 million or 66%.
Gross profit margin increased 260 basis points, net income 25.9% to $109.6 million and adjusted EBITDA 29.5% to $230.5 million.
Adjusted earnings per share rose 23% to $1.06, beating the $0.97 analyst consensus, per FactSet.
For the full year, SharkNinja now expects to earn an adjusted $3.74 a share on sales of $4.72 billion, versus the earnings consensus of $3.59 a share on sales of $4.58 billion.
"We are gaining share in our existing product categories and geographies, we have a robust pipeline of innovative products in new categories, and we see significant opportunity to grow in international markets," CEO Mark Barrocas said.
The shares, which were listed at $30 in July last year, rose 5.3% to $70.61.