SharkNinja Inc Reports Strong Financial Performance for Q2 2024
Intellectia.AI Updated: 1970-01-01
SharkNinja, Inc. Reports Strong Financial Performance for Q2 2024
SharkNinja, Inc. ("SharkNinja" or the "Company") (NYSE:SN), a global product design and technology company, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|
| 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% | - |
| Net Income | $68.0 million | $11.9 million | +470.1% | - |
| Adjusted Net Income | $99.6 million | $65.2 million | +52.9% | - |
| Net Income per Diluted Share | $0.48 | $0.09 | +433.3% | $0.62 |
| Adjusted Net Income per Diluted Share | $0.71 | $0.47 | +51.1% | - |
| Gross Profit | $600.9 million | $396.9 million | +51.4% | - |
| Adjusted Gross Profit | $614.1 million | $393.6 million | +56.0% | - |
| Adjusted EBITDA | $167.7 million | $113.6 million | +47.6% | - |
In the second quarter of 2024, SharkNinja achieved significant growth in both revenue and profitability compared to the same period in the previous year. Net sales increased by 31.4%, surpassing Wall Street’s consensus estimates. The company also reported an impressive 470.1% increase in net income, alongside notable improvements in gross profit and adjusted EBITDA.
Revenue Performance by Segment
| Segment | Q2 2024 Net Sales | Q2 2023 Net Sales | YoY Change |
|---|---|---|---|
| Cleaning Appliances | $466.1 million | $413.8 million | +12.6% |
| Adjusted Cleaning Appliances | $466.1 million | $387.6 million | +20.3% |
| Cooking & Beverage Appliances | $379.3 million | $343.1 million | +10.6% |
| Adjusted Cooking & Beverage | $379.3 million | $339.6 million | +11.7% |
| Food Preparation Appliances | $264.9 million | $143.4 million | +84.8% |
| Adjusted Food Preparation | $264.9 million | $139.0 million | +90.6% |
| Other | $138.4 million | $50.1 million | +176.2% |
| Adjusted Other | $138.4 million | $39.4 million | +251.0% |
All major product segments saw substantial revenue growth, with Food Preparation Appliances and the Other category exhibiting the highest increases. Especially noteworthy is the 176.2% rise in the "Other" segment, primarily driven by haircare products and home environment solutions. This broad-based growth underscores the company's successful diversification.
Commentary from SharkNinja's CEO
CEO Mark Barrocas commented, "SharkNinja fueled excellent organic and profitable growth in the second quarter. Our diversified portfolio of products and strong revenue mix drove broad-based, double-digit growth across each of our key product categories. We are expanding market share, entering new categories, and growing our global footprint, as we continue to execute on our proven three-pillar growth strategy."
Forward Guidance
For fiscal year 2024, SharkNinja has increased its outlook on key metrics: - Net sales to increase 20% to 22%, up from the previous expectation of 10% to 12%. - Adjusted Net Sales to increase between 22% and 24%, up from the previous expectation of 12% to 14%. - Adjusted Net Income per diluted share is now expected to be between $4.05 and $4.21. - Adjusted EBITDA is forecasted to be between $910 million and $940 million, reflecting a 26% to 31% increase.
Stock Price Movement
Following the earnings release, SharkNinja's stock price experienced a significant surge of 7.62%.
Overall, SharkNinja showcased a strong financial performance in the second quarter, demonstrating its effective growth strategies and market resilience. The revised fiscal year outlook also points towards sustained positive momentum for the company.
