E.l.f. Beauty (ELF - Get Report) reported better-than-anticipated earnings and revenue for the 2016 third quarter and issued a full-year outlook that largely topped Wall Street's forecasts after Thursday's closing bell.

The Oakland, CA-based discounted cosmetics company, which went public on September 22, posted adjusted earnings of 9 cents per share, surpassing the FactSet consensus estimate for break-even earnings per share.

Revenue rose 11% to $56.3 million year-over-year and was higher than Wall Street's forecasts of $53.9 million.

E.l.f., which stands for eyes, lips and face, sells products for mostly $6 or less. The company has standalone stores and also sells its makeup at Target (TGT), Walmart Stores (WMT), CVS Health (CVS) and Gap's (GPS) Old Navy chain.

The company said the third-quarter revenue increase was primarily driven by growth in leading national retailers.

"We are pleased to report strong third quarter results reflecting double-digit growth in net sales, significant gross margin expansion and progress toward our mission to make luxurious beauty accessible for all women," CEO Tarang Amin said in a statement.

For 2016, e.l.f. sees adjusted earnings of 30 cents per share on revenue of $227 million. Analysts are looking for full-year earnings of 25 cents per share on revenue of $227 million, according to FactSet.

The stock closed higher today.