Yeti Holdings (YETI) shares surged on Thursday after the company reported robust second-quarter earnings and raised its full-year guidance, fueled by a spike in demand for its coolers.
Yeti posted an adjusted earnings per share (EPS) of $0.70 for the second quarter, with revenue increasing 15% year-over-year to $463.5 million. Both figures exceeded analyst expectations, according to Visible Alpha’s consensus estimates.
The Coolers & Equipment segment experienced a 31% sales boost, reaching $205.9 million, driven by heightened demand for soft coolers and bags. The Drinkware division saw a 6% increase in sales, totaling $246.5 million, propelled by new product offerings and color variations.
CEO Matt Reintjes highlighted the company’s strong position to meet the growing cooler demand, which intensified throughout the quarter. He also noted significant international sales growth of 35% and a 12% increase in the U.S.
Yeti Upgrades Full-Year Guidance
Yeti has revised its full-year adjusted EPS forecast to a range of $2.61 to $2.65, up from the previous $2.49 to $2.62. The company now anticipates adjusted sales growth of 8% to 10%, an increase from the earlier projection of 7% to 9%.
As of 2:25 p.m. ET on Thursday, Yeti shares had surged 17% to $43.42, though they remain down 16% year-to-date.
