e.l.f. Beauty Stocks Roars On Q1 Performance, Management Lifts Annual Outlook

e.l.f. Beauty, Inc. ELF shares popped in the after-hours session after the company beat on first-quarter earnings and sales.

What To Know: The company reported quarterly earnings of $1.10 per share, which beat the analyst consensus estimate of $0.58, a 182.05% increase over earnings of $0.39 per share from last year. 

It clocked quarterly sales of $216.34 million, which beat the analyst consensus estimate of $184.92 million, a 76.46% increase over sales of $122.60 million in the same period last year.

The company raised its fiscal year 2024 outlook, estimating a 37% to 39% year-over-year increase in net sales, as compared to an expected 22% to 24% increase previously issued.

"We are off to a terrific start in our new fiscal year with net sales growth of 76% and market share gains of 260 basis points in Q1. This marks our 18th consecutive quarter of delivering both net sales growth and market share gains. We are one of only five publicly traded consumer companies out of 274 that has grown for 18 straight quarters and averaged at least 20% sales growth per quarter over that period," said Tarang Amin, e.l.f. Beauty's Chairman and CEO.

"As we look ahead, we believe we are in the early innings of unlocking the full potential we see for e.l.f. Beauty and are raising our fiscal 2024 outlook to reflect our continued momentum."

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ELF Price Action: ELF shares were up 14.1% after hours at $132.90 at the time of publication, according to Benzinga Pro.

Image by Karolina Grabowska from Pixabay