Kitchen and household device maker SharkNinja on Thursday beat Wall Street's targets for the fourth quarter, thanks to growth in cooking and beverage appliances during the holiday period. SharkNinja stock rose on the news.
The Needham, Mass.-based company earned an adjusted 94 cents a share on sales of $1.38 billion in the December quarter. Analysts polled by FactSet had expected earnings of 87 cents a share on sales of $1.31 billion. On a year-over-year basis, SharkNinja earnings rose 74% while sales climbed 17%.
Cooking and beverage appliance sales rose 31.5% to $502.6 million in the December quarter. Food preparation appliance sales increased 11% to $180.9 million. But cleaning appliance sales fell 6.7% to $541.5 million due to softness in corded and cordless vacuums.
For 2024, SharkNinja expects to earn an adjusted $3.53 a share on sales of $4.51 billion, based on the midpoint of its guidance. That would translate to year-over-year growth of 10% in earnings and 6% in sales. Analysts had been modeling earnings of $3.30 a share on sales of $4.42 billion.
In 2023, SharkNinja adjusted earnings increased 35.6% to $3.22 a share while sales rose 14.4% to $4.25 billion.
SharkNinja Stock Is In Flat Base
On the stock market today, SharkNinja stock rose 1.1% to close at 51.46. In intraday trading, SharkNinja shares reached an all-time high of 54.26.
"SharkNinja extended its track record of exceptional organic growth and profitability in 2023 and expanded its innovative suite of products," Chief Executive Mark Barrocas said in a news release.
He added, "Our brands have strong momentum heading into 2024, and we continue to introduce new products, enter new categories, and grow our international footprint."
SharkNinja stock went public on July 31 after its spinoff from China-based JS Global Lifestyle. Shares began trading at 30.05 and hit a then-record high of 53.40 on Dec. 28 before pulling back.
Since then, it has formed a flat base with a buy point of 53.40, according to IBD MarketSmith charts.
SharkNinja makes small appliances spanning 31 subcategories across cleaning, cooking, food preparation, home environment, and beauty.
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