The third quarter saw SharkNinja sales gain in every operating segment, with earnings registering a sharp increase for the period.
SharkNinja also named Adam Quigley Chief Financial Officer, effective immediately. Quigley has served as the company’s interim CFO since September of this year.
Shark Ninja’s net income in its recent quarter was $188.7 million, or $1.33 per diluted share, versus $132.3 million, or 94 cents per diluted share, in the year-prior quarter. Adjusted for one-time events, net Income was $213.4 million, or $1.50 per diluted share, the company reported, versus $170.5 million, or $1.21 per diluted share, in the year-earlier period.
An analyst consensus estimate from Zacks Investment Research called for earnings per adjusted diluted share of $1.31 and revenue of $1.59 billion.
Net sales were $1.63 billion versus $1.43 billion in the year-before quarter. Operating income was $262.9 million versus $180.3 million in the year-previous period, while adjusted operating income was $289 million compared to $237.5 million.
By business segment, Cleaning Alliances sales were $592.9 million versus $527.5 million in the year-past period; Cooking and Beverage Appliances sales were $437.4 million versus $411.5 million; Food Preparation and Appliance sales were $410.5 million versus $366.8 million; and Beauty and Home Environment Appliances sales were $189.3 million versus $120.8 million.
The SharkNinja outlook for fiscal 2025 now is for net sales to increase 15% to 15.5%, above the prior expectations of 13% to 15%; and for adjusted net Income per diluted share of between $5.05 and $5.15, above the prior expectations of between $5 and $5.10.
In announcing the financial results, SharkNinja CEO Marc Barrocas said, “SharkNinja delivered another quarter of exceptional performance with 14.3% net sales growth, reinforcing our position as a global leader in innovative consumer solutions. Our three-pillar growth strategy continues to generate remarkable results as we drive category expansion with breakthrough products like the CryoGlow face masks and Slushi (pictured above), capture meaningful market share across our portfolio and accelerate international growth to 25.8% year-over-year. The strength of our diversified portfolio was evident with broad-based growth across all product categories, highlighted by the outstanding 56.7% growth in Beauty and Home Environment. Our disciplined execution, combined with ongoing cost optimization efforts and supply chain flexibility, enabled us to deliver 90 basis points of adjusted gross margin improvement while investing in future growth opportunities.”
Quigley has been with SharkNinja for nearly 11 years. He has held progressive leadership roles across the finance organization, including senior vice president of finance and global business planning and senior vice president of global FP&A and strategic finance. His responsibilities have included the sale of the business in 2017, its listing on the Hong Kong exchange in 2019, navigating through the COVID-19 pandemic and designing the company’s tariff mitigation strategy.
“Adam has been instrumental in shaping our financial strategy and strengthening our global operations over the past 11 years,” Barrocas said. “His exceptional financial acumen, strategic depth, and steady leadership have helped guide the company through periods of significant growth and transformation.”
