By Dean Seal
Yeti Holdings said it expects to hit the high end of its earnings guidance for the year after logging a bigger profit and higher-than-expected sales in the third quarter.
The Austin, Texas, maker of coolers and insulated drinkware Thursday posted net income of $56.3 million, or 66 cents a share, up from $42.7 million, or 49 cents a share, in the same quarter last year.
Stripping out one-time items, adjusted earnings were 71 cents a share. Analysts polled by FactSet had expected 67 cents a share.
Sales rose 10% to $478.4 million, ahead of analyst forecasts for $470.7 million.
Cooler and equipment sales were up 12% while drinkware sales rose 9%, with gains in both the wholesale and direct-to-consumer channels, Yeti said. U.S. sales rose 7% while international sales jumped 30%.
Yeti said it now expects full-year adjusted earnings to come in at $2.65 a share, the top end of its prior guidance.
Shares rose 5.9% to $38.25 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2024 06:46 ET (11:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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