SharkNinja got a boost from newly released products in the third quarter, beating a Wall Street estimate on earnings and revenues.
A Yahoo-Finance published analyst consensus estimate called for adjusted diluted earnings per share of 81 cents and revenue of $1 billion.
Third-quarter net sales increased 13.1% to $1.07 billion year over year, while adjusted net sales increased 14.6% to $1.06 billion, the company reported. Operating income was $94.5 million versus $109.1 million in the year-past period, while adjusted operating income was $190.1 million versus $131.9 million.
By category, according to SharkNinja, year over year:
- Cleaning Appliances net sales decreased 10.7% to $449.3 million, as adjusted net sales decreased 9% to $442.5 million, resulting from softness in the North American market for corded and cordless vacuums, partially offset by growth in the carpet extraction sub-category enabled by new product innovation.
- Cooking and Beverage Appliances net sales increased 30.3% to $339.3 million as adjusted net sales increased 31% to $338.1 million, driven by growth in Europe, specifically in the United Kingdom, and a full quarter of sales for a new outdoor grill product that launched in the second half of 2022 continues to perform well across the U.S. and European markets.
- Food Preparation Appliances net sales increased 31.1%, to $211.5 million as adjusted net sales increased by 33.5% to $209.3 million, driven by strong sales of ice cream makers and compact blenders, in the last case fueled by the rollout of new portable blenders.
- Other net sales increased 223.2% to $70.5 million as adjusted net sales increased 209.3% to $67.5 million, primarily fueled by continued strength of haircare products within the beauty category.
In announcing the third quarter results, Mark Barrocas, SharkNinja CEO, said, “I’m thrilled with our strong performance in the third quarter. This results from a lot of hard work by our teams across the globe. We continue to deliver on our three-pillar growth strategy of gaining market share in existing categories, entering new and adjacent categories and international expansion. We are leveraging our disruptive innovation engine, our highly effective go-to-market strategy, and our efficient supply chain as we strive to deliver industry-leading growth and profitability. We have good momentum as we head into the holiday season. As we look into our future, I’m excited about the tremendous whitespace in front of us. I am confident we’re on the right track to fulfill our mission of positively impacting people’s lives every day in every home around the world and to deliver substantial value to all our stakeholders.”