Shares of ELF Beauty Inc (NYSE:ELF) surged after the cosmetics maker reported better-than-expected fourth quarter results and raised its outlook for the year. The company reported adjusted earnings per share of 42 cents, compared with the estimate of 20 cents a share, and revenue rose 78% to $187.4 million. Gross margins rose due to pricing, lower transportation expenses and cost savings. For the full fiscal year 2023, net sales increased 48% to $578.8M. CEO Tarang Amin said, “We believe we are still in the early innings of unlocking the full potential we see” for the company. For guidance, Elf said it sees fiscal year 2024 sales of $705M to $720M, a 22% to 24% gain, and adjusted earnings per share of $1.73 to $1.76. Both outlooks beat the current consensus estimate. Shares were up nearly 10% in after-hours trading and are up more than 56% so far this year.
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