YETI Q3 2024 Earnings Report
Key Takeaways
YETI Holdings, Inc. reported a 10% increase in net sales for the third quarter of 2024, with strong performance across its product portfolio and international business. The company's gross margins expanded, and earnings growth was strong. YETI updated its EPS outlook to the high-end of its previous range.
Net sales increased by 10%, with Coolers & Equipment sales up 12% and Drinkware sales up 9%.
Wholesale net sales increased 14% and Direct-to-consumer net sales increased 8%.
International net sales increased 30% and U.S. net sales increased 7%.
EPS increased 35% to $0.66, and adjusted EPS increased 18% to $0.71.
YETI
YETI
YETI Revenue by Segment
YETI Revenue by Geographic Location
Forward Guidance
YETI expects adjusted sales to increase approximately 9%, adjusted operating income as a percentage of adjusted sales of approximately 16.5%, and adjusted net income per diluted share of approximately $2.65 for fiscal year 2024.
Positive Outlook
- Adjusted sales to increase approximately 9%.
- Adjusted operating income as a percentage of adjusted sales of approximately 16.5%.
- Effective tax rate of approximately 24.8%.
- Adjusted net income per diluted share of approximately $2.65, reflecting an 18% increase.
- Capital expenditures of approximately $50 million primarily to support investments in technology and new product innovation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income