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e.l.f. Hikes on Estimates

e.l.f. Beauty (NYSE:ELF) shares leapt after the company exceeded analysts’ estimates in its fiscal third quarter. The company posted adjusted earnings of 48 cents per share on revenue of $146.5 million. Analysts called for per-share earnings of 23 cents on revenue of $121.8 million, according to Refinitiv. The company also raised its full-year outlook.

Net sales increased 49% to $146.5 million, primarily driven by strength in both our retailer and e-commerce channels. Gross margin increased approximately 180 basis points to 67%, primarily driven by price increases, cost savings and product mix, partially offset by inventory adjustments and costs related to space gains and Spring shelf resets.

Net income was $19.1 million on a GAAP basis. Adjusted net income was $26.8 million.

Diluted earnings per share were $0.34 on a GAAP basis. Adjusted diluted earnings per share (diluted earnings per share calculated with adjusted net income excluding the items identified in the reconciliation table below) were $0.48.

Said CEO Tarang Amin, "We delivered a terrific third quarter - growing our net sales by 49% and expanding our market share by 150 basis points, according to Nielsen.

“This quarter marked our 16th consecutive quarter of net sales growth, reflecting the continued strong execution by the e.l.f. Beauty team. As we look ahead, we're excited about the potential we see as we continue to make the best of beauty accessible to every eye, lip, face and skin concern."

ELF shares vaulted $7.01, or 12%, to $65.52.