E.l.f. Beauty Inc.’s ELF Stock Surges 10% in After-Hours Trading
Published: Nov. 1, 2023 at 4:18 p.m. ET
E.l.f. Beauty Inc.’s stock (ELF) experienced a significant surge of 10% during after-hours trading on Wednesday, following the release of the company's quarterly results. These results exceeded revenue and earnings estimates set by analysts.
In the fiscal second quarter, E.l.f. reported a net income of $33.3 million, equivalent to 58 cents per share. This showcases a substantial increase in comparison to the net earnings of $11.7 million, or 21 cents per share, seen in the year-ago quarter. Moreover, the adjusted net income for this quarter was recorded at an impressive 82 cents per share.
The company also observed a remarkable growth in net sales, witnessing a surge of 76% to reach $215.5 million. This stands in stark contrast to the $122.3 million recorded during the same period last year. Analysts surveyed by FactSet had anticipated average net earnings of 53 cents per share on revenue totaling $197.1 million. E.l.f.'s results surpassed these expectations.
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