Yeti 3Q Profit Climbs on Higher Cooler, Drinkware Sales

Dow Jones

Nov 07, 2024

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)

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