Yeti jumps 10% after raising guidance

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Coolers sit on display for sale at the Yeti Holdings Inc. flagship store in Austin, Texas, U.S., on Wednesday, Sept. 12, 2018.

Sergio Flores | Bloomberg | Getty Images

Coolers sit on display for sale at the Yeti Holdings Inc. flagship store in Austin, Texas, U.S., on Wednesday, Sept. 12, 2018.

YETI shares jumped 10 percent after it raised its full-year guidance and released preliminary results.

The company said it now expects to report full-year earnings per share between 67 cents to 69 cents. Previously, Yeti had projected earnings per share between 60 cents and 64 cents. Last year, the company earned 19 cents per share.

For fiscal 2018, Yeti said it expects net sales to increase 22 percent to $778.8 million.

Wall Street had estimated Yeti would report full-year earnings of about 65 cents per share on revenue of about $764.5 million, according to Refinitiv consensus estimates.

For the fourth quarter, Yeti said it projects net sales climbed 19 percent to $241.2 million. That’s above the $226.5 million analysts had projected, according to a Refinitiv consensus estimate.

The cooler company went public in October with 16 million shares priced at $18 per share. This was below the expected range of $19 to $21 per share. The IPO brought in about $288 million to help pay down its debt.



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Pravin Auti Author