SharkNinja Inc. (NYSE: SN), a leading designer and manufacturer of household appliances and consumer products, saw its shares tumble on Wednesday despite reporting better-than-expected third-quarter earnings. While the company's top and bottom lines surpassed Wall Street estimates, its guidance for the crucial holiday quarter fell short of analysts' expectations, leading to a sharp sell-off in the stock.
For the quarter ended September 30, 2024, SharkNinja posted adjusted earnings of $1.21 per share, beating the consensus estimate of $1.14 per share. Revenue surged 33.2% year-over-year to $1.43 billion, outpacing the consensus forecast of $1.32 billion.
The strong quarterly performance was driven by robust demand across SharkNinja's diverse product portfolio, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances, and Others. The company's relentless focus on innovation, coupled with deep consumer insights and effective demand creation strategies, enabled it to gain market share in existing categories and expand into new ones.
However, SharkNinja's guidance for the fourth quarter and full-year 2024 fell short of analysts' expectations. The company forecast adjusted earnings of $1.21 per share on sales of $1.5 billion for the fourth quarter, lower than the consensus estimate of $1.34 per share on sales of $1.58 billion. For the full year, SharkNinja raised its adjusted earnings guidance to a range of $4.13 to $4.24 per share, up from its previous outlook of $4.05 to $4.21 per share, but still below the consensus estimate of $4.25 per share.
Comments