Yeti Is on a Tear After Outdoor Cooler Maker Raises Earnings Guidance
Yeti Holdings Inc. (YETI) - Get Report was on a tear Monday after the maker of high-end coolers said earnings are likely to come in higher than expected.
Yeti's stock price rose more than 9% to more than $18 as investors continued to bid up its shares on the heels of the Austin, Texas-based company's Jan. 11 announcement that it expects higher sales for the year previously forecast.
Yeti closed Monday up 8.49% at $18.14. It was at $16.72 Friday, up 2.3%.
The outdoor recreational products company, which just went public this fall, said it expects earnings per share for fiscal 2018 of 88 cents to 90 cents s share, compared to its previous outlook of 79 cents to 82 cents.
EBITDA is now expected to ring in at $147 million to $149 million, compared to Yeti's earlier estimate of $141 million to $144 million. That's up from $97.5 million last year, or a more than 50% jump.
The higher expectations are in contrast to the disappointment with which investors greeted Yeti's first earnings report back in November, when revenue came in at $196.1 million, just a shade under what analysts expected. That news helped push Yeti shares down more than 16%.
Matt Reinties, Yeti's president and CEO, said the company will be focusing in the months ahead on "brand awareness, delivering product innovation," and "driving our direct-to-consumer business and expanding our presence globally."
"Sales and operating margin soundly exceeded our expectations and as a result, we are raising our fiscal 2018 outlook," Reinties said in a press release.
