Why E.L.F. Beauty Stock Is Taking Off Thursday

E.L.F. Beauty Inc ELF shares are trading higher Thursday after the company reported strong financial results and raised guidance above estimates.

What Happened: e.l.f. Beauty said fiscal second-quarter revenue increased 76% year-over-year to $215.5 million, which beat estimates of $196.28 million, per Benzinga Pro. The company reported earnings of 82 cents per share, which beat estimates of 51 cents per share.

"We continue to deliver exceptional, consistent, category-leading sales growth," said Tarang Amin, chairman and CEO of e.l.f. Beauty.

"As we look ahead, the significant whitespace we see across color cosmetics, skin care and international gives us confidence that we are in the early innings of unlocking the full potential we see for e.l.f. Beauty."

e.l.f. Beauty raised its full-year revenue guidance from a range of $792 million to $802 million to a new range of $896 million to $906 million versus estimates of $840.71 million. 

The company also raised its full-year earnings outlook from a range of $2.19 to $2.22 per share to a new range of $2.47 to $2.50 per share versus estimates of $2.44 per share.

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ELF Price Action: e.l.f Beauty shares were up 10.7% at $104.27 at the time of writing, according to Benzinga Pro.

Photo: ARTEM DA PICTURES from Pixabay.