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Intellectia.AI Updated: 1970-01-01
SharkNinja, Inc. Announces Strong Q2 2024 Financial Results and Raises Outlook
SharkNinja, Inc. (NYSE: SN), a global product design and technology company, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Net Sales | $1,248.7 million | $950.3 million | +31.4% | $1.09 billion |
| Adjusted Net Sales | $1,248.7 million | $905.6 million | +37.9% | N/A |
| Net Income | $68.0 million | $11.9 million | +470.1% | N/A |
| Adjusted Net Income | $99.6 million | $65.2 million | +52.9% | N/A |
| EPS | $0.48 | $0.09 | +433.3% | $0.62 |
| Adjusted EPS | $0.71 | $0.47 | +51.1% | N/A |
| Gross Profit | $600.9 million | $396.9 million | +51.4% | N/A |
| Adjusted Gross Profit | $614.1 million | $393.6 million | +56.0% | N/A |
| Adjusted EBITDA | $167.7 million | $113.6 million | +47.6% | N/A |
The significant year-over-year increases across most key financial metrics reflect robust performance driven by strong sales growth in major product categories and effective cost management strategies.
Revenue Performance Across Major Segments:
| Segment | Q2 2024 Net Sales | Q2 2023 Net Sales | YoY Change |
|---|---|---|---|
| Cleaning Appliances | $466.1 million | $413.8 million | +12.6% |
| Cooking & Beverage Appliances | $379.3 million | $343.1 million | +10.6% |
| Food Preparation Appliances | $264.9 million | $143.4 million | +84.8% |
| Other | $138.4 million | $50.1 million | +176.2% |
The "Cleaning Appliances" segment saw an increase driven by demand for carpet extractors and cordless vacuums. The "Food Preparation Appliances" segment experienced the most significant growth due to high sales of ice cream makers and portable blenders.
Comments from Company Officers: Mark Barrocas, Chief Executive Officer, emphasized the company's strong organic growth and market share expansion. He noted SharkNinja's success in diversifying its product portfolio and entering new categories despite challenges in the global operating environment.
Dividends and Share Repurchase Program: No dividends or share repurchase programs were announced.
Forward Guidance: SharkNinja has raised its full fiscal year 2024 guidance, forecasting: - Net sales growth between 20% to 22% - Adjusted Net Sales growth between 22% to 24% - Adjusted Net Income per diluted share between $4.05 and $4.21 - Adjusted EBITDA between $910 million and $940 million
Stock Price Movement: Post-earnings release, SharkNinja’s stock price saw an increase of approximately 5.97%.
Overall, SharkNinja, Inc. reported a strong second quarter with substantial growth across key financial metrics and revenue segments, prompting an optimistic outlook for the remainder of 2024.
