YETI Holdings Inc Reports Second Quarter 2024 Earnings
Intellectia.AI Updated: 1970-01-01
YETI Holdings, Inc. Reports Second Quarter 2024 Earnings
YETI Holdings, Inc. reported its financial results for the second quarter ended June 29, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $463.5 million | $402.6 million | +15% | $452.45 million |
Interpretation : YETI Holdings, Inc. experienced a strong second quarter, with total revenue increasing by 15% year-over-year, surpassing the consensus estimate of $452.45 million. Despite the absence of reported EPS, the revenue performance exceeds market expectations and indicates robust financial health and growth.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| DTC Channel | $250.4 million | $226.4 million | +11% |
| Wholesale Channel | $213.1 million | $176.2 million | +21% |
| Drinkware | $246.5 million | $233.4 million | +6% |
| Coolers & Equipment | $205.9 million | $156.6 million | +31% |
Interpretation : The Direct-to-Consumer (DTC) channel grew by 11% and the Wholesale channel by 21%, showing balanced growth across all sales channels. The Coolers & Equipment segment notably surged by 31%, indicating a strong market demand.
Dividends and Share Repurchase Program
On February 1, 2024, YETI's Board of Directors authorized a $300 million share repurchase program. As of June 29, 2024, $200 million remained under the program. On February 27, 2024, YETI repurchased $100 million of its common stock through an accelerated share repurchase agreement, resulting in a total repurchase of 2,641,175 shares at an average cost of $37.86 per share.
Stock Price Movement
After the earnings release, YETI Holdings, Inc.'s stock price increased by 7.87%.
Summary : YETI Holdings, Inc. posted solid financial results for the second quarter of 2024, with significant revenue growth across key segments and sales channels. The company's share repurchase program, which includes a substantial repurchase completed earlier in the year, reflects confidence in its financial health and commitment to returning value to shareholders. The positive stock price movement underscores market approval of the company's performance.
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