Sharkninja shares sink after quarterly report, guidance
31/10/2024 16:33
** Shares in household product designer Sharkninja Inc SN.N
down 17.6% on Thursday, on track for biggest one-day decline
since August 2023, as it's full-year profit target disappointed
investors while its quarterly results beat expectations
** SN reported adj EPS of $1.21 vs $0.95 in year-ago quarter
and analysts' mean expectation of $1.14. Rev of $1.43 bln vs
$1.07 bln in year-ago quarter and Wall St expectations for $1.32
bln, according to data from LSEG
** Co forecast FY adj EPS range of $4.13 to $4.24, up from
its prior target of $4.05 to $4.21 but well below Wall St
expectations for $4.25, as per LSEG
** It raised its FY 2024 net sales growth target to range of
25%-26% from previous target range of 22%-24% which would imply
$5.32 bln to $5.36 bln range compared with Wall St consensus
view of $5.23 bln
** Jefferies analyst Randal Konik applauded management "for
reinvesting in a biz experiencing robust growth" with growing
international opportunity while noting that "expenses appear
elevated" in a research note were he recommended "buying today's
weakness"
** SN last traded at $91.39 vs median PT of $121.50, as per
LSEG, which shows 13 analyst ratings: 5 'strong buy,' 6 'buy'
and 1 'hold' rating
** YTD shares in SN up 78.6% VS ~3% gain for Dow Jones
consumer goods index .DJUSNC
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))