Shares of Yeti Holdings Inc. (YETI) gained more than 9% on Thursday as the newly public drinks-holder and cooler-maker reported fourth-quarter profit that beat analysts' expectations, and also provided positive guidance for 2019.
The Austin-based company said net income in its most recent quarter was $25.2 million, or 30 cents a share, up from $4 million, or 5 cents a share, a year ago. On an adjusted basis, earnings per share rose to 38 cents from 8 cents, beating the FactSet consensus of 35 cents.
Drinkware net sales increased 24% to $143.5 million from $115.9 million during the same period last year, "primarily driven by the expansion of our drinkware product offerings, new drinkware accessories, and the introduction of new drinkware colorways during fiscal 2018," the company said.
Coolers and equipment net sales, meanwhile, increased 10% to $91.2 million from $83 million during the same period last year, primarily driven by the expansion of the company's hard and soft cooler products, as well as the introduction of other new items.
Total sales rose 19% to $241.2 million, matching analysts' forecasts.
"We finished 2018 with significant momentum in our business as we delivered full-year results well above our original outlook and solidly at the high end of the revised outlook," Yeti CEO Matt Reintjes said in a statement. "We are extremely pleased with the strength in our business as our brand and products continue to resonate with consumers across all markets."
For 2019, the company said it expects adjusted earnings of between 99 cents and $1.04 a share, above the FactSet consensus of 96 cents.