YETI

YETI Holdings, Inc.

44.94
USD
1.77%
44.94
USD
1.77%
38.77 108.82
52 weeks
52 weeks

Mkt Cap 3.93B

Shares Out 87.47M

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Yeti Holdings heads higher on earnings beat, raised guidance

Yeti Holdings (NYSE:YETI +5.3%) shows no signs of cooling after an earnings beat and strong forecast on Wednesday. The Austin, Texas-based outdoor products distributor reported a narrow beat on top and bottom lines, while raising its EPS outlook for the full year. Sales increased 19% year over year for the first quarter report and are anticipated to continue at the same pace for the full year while margins remain resilient to external impacts. “Remarkably, our sales have nearly doubled since the same period in 2019,” CEO Matt Reintjes said. “While cost pressures remain a heightened focus, we are reiterating our operating income and operating margin outlooks for the year.” Net income per diluted share is now expected to be between $2.67 and $2.72 versus the previous outlook of between $2.62 and $2.67. Jefferies likewise noted opportunity ahead for the company, raising their estimates as well reach a street-high price target of $121 with upside to $140. "We see significant opportunity for YETI to expand its TAM as it broadens its exposure to non-heritage markets in the US and internationally over the long term," the firm suggested in a note to clients. "With continual innovation in new and existing product categories, and a quickly growing, margin-enhancing DTC channel, we believe top-line and margin opportunities are significant." Elsewhere, the company announced it had initiated and completed its previously announced $100 million share repurchase program in the first quarter, taking advantage of significant selloffs in the stock throughout the quarter. Shares rose over 4% Wednesday’s trading session, building back from steep declines to start the month of May. The stock nonetheless remains over 50% below its late 2021 high.

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