h3 YETI Holdings Inc Reports Q2 2024 Financial Resultsh3p YETI Holdings Inc has announced its financ
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YETI Holdings, Inc. Reports Q2 2024 Financial Results
YETI Holdings, Inc. has announced its financial results for the second quarter ended June 29, 2024.
Key Financial Metrics
The table below outlines the key financial metrics for Q2 2024 with year-over-year and quarter-over-quarter comparisons, as well as comparisons to consensus estimates.
| Metric | Q2 2024 Actual | Q2 2023 Actual | YoY Change | Consensus Estimates | Q1 2024 Actual | QoQ Change |
|---|---|---|---|---|---|---|
| Total Revenue (M) | $463.5 | $402.6 | +15% | $452.45 | $341.4 | +35.8% |
| Earnings Per Share | $0.66 | $0.52 | +27% | $0.64 | $0.52 | +26.9% |
Interpretation : YETI exceeded both its revenue and EPS estimates for Q2 2024, delivering strong year-over-year growth of 15% in revenue and 27% in EPS. Quarter-over-quarter, significant growth of 35.8% in revenue and 26.9% in EPS was also observed, signaling robust performance.
Revenue Breakdown by Segment
The following table shows the revenue performance across YETI's major segments, along with comparisons to previous guidance where available:
| Segment | Q2 2024 Revenue (M) | Q2 2023 Revenue (M) | YoY Change | Q1 2024 Revenue (M) | QoQ Change |
|---|---|---|---|---|---|
| Direct-to-Consumer | $250.4 | $226.4 | +11% | $187.8 | +33.3% |
| Wholesale | $213.1 | $176.2 | +21% | $153.6 | +38.8% |
| Drinkware | $246.5 | $233.4 | +6% | $214.6 | +14.9% |
| Coolers & Equipment | $205.9 | $156.6 | +31% | $123.6 | +66.6% |
Interpretation : YETI's Direct-to-Consumer and Wholesale channels showed noteworthy growth, with particularly strong performances in their Coolers & Equipment segment, which grew by 31% year-over-year. All segments considerably outperformed their respective prior quarters.
Dividends & Share Repurchase Program
YETI did not announce any new dividends. However, the company has an active share repurchase program. The Board of Directors authorized the repurchase of up to $300 million of YETI’s common stock, with $200 million remaining under the program as of June 29, 2024.
Stock Price Movement
Following the earnings release, YETI's stock price increased by approximately 1.27%.
In summary, YETI Holdings, Inc. exhibited strong financial performance in Q2 2024, surpassing market expectations and demonstrating significant growth across all segments. The company's share repurchase program remains active with substantial capacity, and the stock price has responded positively to the earnings announcement.
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