Investing.com -- ELF Beauty Inc (NYSE:ELF) shares jumped after the cosmetics maker beat expectations and raised its outlook for the year.
Shares were up nearly 10% in after-hours trading and are up more than 56% so far this year.
The company reported adjusted earnings per share of 42 cents in the fourth quarter, compared with the estimate of adjusted earnings of 20 cents a share. Revenue rose 78%, to $187.4 million, versus expectations for $156M.
The company said it had strength in both retail and e-commerce channels, and gross margins rose because of pricing, lower transportation expenses and cost savings.
For the full fiscal year 2023 the company said net sales increased 48% to $578.8M, also driven by strength in retail and e-commerce channels.
CEO Tarang Amin said, “We believe we are still in the early innings of unlocking the full potential we see” for the company.
For guidance, Elf said it sees fiscal year 2024 sales of $705M to $720M, a 22% to 24% gain. It forecasts adjusted earnings per share of $1.73 to $1.76. Both outlooks beat the current consensus estimate.