Loading...
•
Jun 29, 2024
YETI Q2 2024 Earnings Report
YETI's Q2 2024 performance was marked by a 15% increase in net sales, driven by strong growth in Coolers & Equipment and international markets, along with gross margin expansion and increased EPS.
Key Takeaways
YETI reported a strong second quarter in 2024, with net sales increasing by 15% to $463.5 million. The company saw significant growth in its Coolers & Equipment category and international business. Gross margin expanded, and both EPS and adjusted EPS increased.
Net sales increased by 15%, inclusive of a recall reserve adjustment; adjusted net sales increased by 9%.
Coolers & Equipment net sales increased by 31%, while Drinkware net sales increased by 6%.
Gross margin expanded by 360 basis points to 57.0%; adjusted gross margin expanded by 280 basis points to 57.7%.
EPS increased 34% to $0.59; adjusted EPS increased 23% to $0.70.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
YETI has increased its outlook for fiscal year 2024, expecting adjusted sales to increase between 8% and 10% and adjusted net income per diluted share between $2.61 and $2.65.
Positive Outlook
- Adjusted sales are expected to increase between 8% and 10%.
- Adjusted operating income as a percentage of adjusted sales is expected to be approximately 16.5%.
- The effective tax rate is expected to be approximately 25.2%.
- Adjusted net income per diluted share is projected to be between $2.61 and $2.65, reflecting a 16% to 18% increase.
- Capital expenditures are expected to be between $50 million and $60 million, primarily to support investments in technology and new product innovation.
Challenges Ahead
- The macro environment remains uncertain.
- An effective tax rate of approximately 25.2% (compared to 24.8% in the prior year period)
- Diluted weighted average shares outstanding of approximately 86.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...