Kitchen and household device maker SharkNinja on Thursday smashed Wall Street's estimates for the second quarter and raised its guidance for the full year. SN stock rocketed on the news.
The Needham, Mass.-based company earned an adjusted 71 cents a share on sales of $1.25 billion in the June quarter. Analysts polled by FactSet had expected earnings of 60 cents a share on sales of $1.08 billion. On a year-over-year basis, SharkNinja earnings rose 51% while sales increased 38%.
For the full year, SharkNinja now expects adjusted net sales to increase 22% to 24% compared to its prior expectation of 12% to 14% growth. Analysts were looking for 15% growth this year.
SharkNinja forecast 2024 adjusted earnings per share of $4.05 to $4.21, reflecting a 26% to 31% increase. The midpoint of $4.13 topped the consensus estimate of $3.84.
SN Stock Pops After Report
On the stock market today, SN stock surged 17% to close at 85.36. In intraday trading, it notched a record high of 86.65.
"Our diversified portfolio of products and strong revenue mix drove broad-based, double-digit growth across each of our key product categories," Chief Executive Mark Barrocas said in a news release. "We are expanding market share, entering new categories, and growing our global footprint."
He added, "Looking ahead, we are confident in our ability to deliver high-performance products that solve consumer problems, even amidst certain challenges emerging in the global operating environment."
SharkNinja makes small appliances for cooking, food preparation, cleaning, beauty and more.
Sales in SharkNinja's cleaning appliances category rose 20% to $466 million in Q2, driven by the carpet extractor and cordless vacuums sub-categories.
Cooking and beverage appliances sales rose 12% to $379 million. Outdoor grill and outdoor oven sales fueled the increase.
Food preparation appliances revenue increased 91% to $265 million, driven by strong sales of ice cream makers and portable blenders.
SharkNinja's other products category posted a 251% sales increase to $138 million, primarily driven by strength of haircare products, FlexBreeze fans, and air purifiers.
SharkNinja Stock Hits Buy Point
On Thursday, SN stock broke out of a flat base with a buy point of 80.81, according to IBD MarketSurge charts. The 5% chase zone extended to 84.85.
Shares also surged above their 50-day moving average line at Thursday's open.
SharkNinja stock went public in July 2023 after its spinoff from China-based JS Global Lifestyle. Shares began trading at 30.05.
SN stock is on the IBD Leaderboard list.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
