AUSTIN, Texas - YETI Holdings , Inc. (NYSE:YETI) reported better-than-expected third quarter results and raised its full-year earnings guidance, sending shares up 1.7% in early trading.
The outdoor products company posted adjusted earnings per share of $0.71, surpassing analyst estimates of $0.67. Revenue grew 10% year-over-year to $478.4 million, also topping expectations of $471 million.
YETI saw strong performance across its product portfolio, with Coolers & Equipment sales rising 12% and Drinkware sales increasing 9% compared to the prior year quarter. The company's international business continued to show robust growth, with sales outside the U.S. jumping 30%.
"Our positive momentum continued in the third quarter, with strong performance across our product portfolio and robust growth in our international business," said Matt Reintjes, President and CEO of YETI.
Gross margin held steady at 58.0%, while adjusted operating margin expanded slightly to 16.6%.
Looking ahead, YETI raised its full-year adjusted EPS outlook to approximately $2.65, up from its previous range of $2.61 to $2.65. The company now expects fiscal 2024 sales growth of around 9%, narrowed from its earlier projection of 8-10% growth.
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