After-Hours Action: Why E.L.F. Beauty Stock Is Soaring

E.L.F. Beauty Inc ELF shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected financial results and issued strong guidance.

What Happened: E.L.F Beauty said fiscal third-quarter revenue increased 49% year-over-year to $146.54 million, which beat average analyst estimates of $121.81 million, according to Benzinga Pro. The cosmetics company said its strong top-line results were primarily driven by strength in both retailer and e-commerce channels.

E.L.F. Beauty reported quarterly earnings of 48 cents per share, which beat average estimates of 23 cents per share. 

E.L.F Beauty said it ended the quarter with $87 million in cash and equivalents.

"We delivered a terrific third quarter - growing our net sales by 49% and expanding our market share by 150 basis points, according to Nielsen. This quarter marked our 16th consecutive quarter of net sales growth, reflecting the continued strong execution by the e.l.f. Beauty team," said Tarang Amin, chairman and CEO of E.L.F Beauty.

E.L.F Beauty expects full-year revenue to be between $541 million and $545 million versus estimates of $489.78 million. The company sees full-year earnings in a range of $1.37 per share to $1.40 per share versus estimates of $1.12 per share.

See Also: Why Align Technology Stock Is Surging After Hours

ELF Price Action: E.L.F. Beauty has a 52-week high of $58.76 and a 52-week low of $20.49.

The stock was up 10.95 in after-hours at $64.94 at the time of publication, according to Benzinga Pro.

Photo: kinkates from Pixabay.