Shares of outdoor and recreation product maker Yeti (YETI) - Get YETI Holdings Inc. Report were down 3% in trading Thursday after rising sharply soon after the cooler maker said it swung to a profit in the first quarter from a year-earlier loss.
The Austin, Texas-based company reported first-quarter earnings of $2.2 million, or 8 cents per share, after reporting a loss of $3.3 million a year earlier on revenue of $155.4 million, a 15% increase.
Analysts' polled by FactSet were expecting the company to report earnings of 2 cents per share on revenue of $143.2 million.
"We are off to a great start in 2019 with solid growth across our product categories and distribution channels. Additionally, our ongoing focus on disciplined growth allows us to drive stronger profitability while making the investments required to expand brand and product awareness to existing and new customers. As we continue to execute our strategic plan, we are raising our full year outlook and remain excited about the tremendous opportunities ahead for the company," said CEO Matt Reintjes.
The company recorded a 20% increase in drinkware sales to $91 million, which also topped expectations of $81.2 million.
Yeti raised its earnings guidance range for the year to between $1.02 and $1.06 per share from previous guidance of 99 cents to $1.04 per share. Analysts called for earnings of $1.02 a share.