- SharkNinja, a leading manufacturer of kitchen and household devices, exceeded first-quarter expectations and provided an optimistic full-year guidance.
- The company’s stock experienced a significant surge following the announcement.
- SharkNinja’s CEO, Mark Barrocas, attributes the company’s success to its innovative product pipeline and growth opportunities in international markets.
SharkNinja, a prominent household device maker, delivers an impressive Q1 performance, beating expectations and causing a notable surge in its stock value.
SharkNinja Exceeds Q1 Expectations
The Needham, Massachusetts-based company reported an adjusted earnings of $1.06 per share on sales of $1.07 billion in the March quarter. This performance surpassed the FactSet analysts’ expectations of earnings of 97 cents per share on sales of $950 million. Year-over-year, SharkNinja’s earnings rose by 23%, while sales climbed by 25%. The company’s food preparation appliances, including ice cream makers and compact blenders, were the major contributors to this growth.
SharkNinja’s Full-Year Guidance
For the full year, SharkNinja anticipates earning an adjusted $3.74 per share on sales of $4.72 billion, based on the midpoint of its guidance. This projection is higher than Wall Street’s expectations of earnings of $3.59 per share on sales of $4.58 billion. In the previous year, SharkNinja earned an adjusted $3.22 per share on sales of $4.25 billion.
SharkNinja Stock Soars After Report
Following the announcement of the Q1 results, SharkNinja’s stock jumped 5.1% to 70.47. Earlier in the session, the stock reached an all-time high of 72.50. The company’s stock went public last July after its spinoff from China-based JS Global Lifestyle, with shares beginning trading at 30.05. After its fourth-quarter report on February 15, SharkNinja hit a buy point of 53.40 out of a flat base, according to IBD MarketSurge charts.
IRobot Gets New CEO
In other consumer electronics stocks news, iRobot, a robot vacuum-cleaner maker, beat consensus estimates with its first-quarter results. However, its sales have now fallen 10 straight quarters on a year-over-year basis. Despite this, iRobot’s stock rocketed after the Roomba maker hired a turnaround specialist as its new CEO.
Sonos Sales Decline Continues
Premium audio speaker maker Sonos reported better-than-expected sales in the March quarter but its per-share loss was larger than predicted. Its sales have now fallen for three consecutive quarters on a year-over-year basis. Investors are currently awaiting news on Sonos’ rumored entry into the over-the-ear headphone market later this quarter.
SharkNinja Stock Is Second In Group
SharkNinja’s stock ranks second out of 13 stocks in IBD’s Household-Appliances and Wares industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 95 out of 99. Meanwhile, iRobot ranks No. 12 in the group with a Composite Rating of just 7. Sonos ranks seventh out of 17 stocks in IBD’s consumer electronics industry group. It has a Composite Rating of 46.
Conclusion
SharkNinja’s impressive Q1 performance and optimistic full-year guidance signal a positive outlook for the company. With a robust product pipeline and significant growth opportunities in international markets, the company is well-positioned for future success.
