Kitchen and household appliance maker SharkNinja on Thursday beat Wall Street's targets for the first quarter and raised its full-year sales and earnings outlook. SharkNinja stock surged on the news.
The Needham, Mass.-based company earned an adjusted 87 cents a share on net sales of $1.22 billion in the March quarter. Analysts polled by FactSet had expected earnings of 73 cents a share on sales of $1.17 billion. On a year-over-year basis, SharkNinja earnings fell 18% while net sales rose 15%.
For the full year, SharkNinja now expects net sales to rise 11% to 13%, vs. its prior growth range of 10% to 12%. It also predicted adjusted earnings per share of $4.90 to $5, reflecting a 12% to 14% increase compared to the prior year. It previously forecast adjusted EPS of $4.80 to $4.90, or up 10% to 12%.
Based on the midpoint of its guidance, SharkNinja expects to earn an adjusted $4.95 a share on net sales of $6.19 billion in 2025. Wall Street had been modeling earnings of $4.77 a share on sales of $6.21 billion.
"While navigating an evolving tariff landscape, we've developed and begun implementing a comprehensive mitigation strategy through manufacturing efficiencies, strategic retail partnerships, and targeted operational optimizations," Chief Executive Mark Barrocas said in a news release. "Furthermore, our proactive supplier diversification has positioned us with significant and improving supply chain flexibility."
SharkNinja's portfolio of products includes vacuum cleaners, air purifiers, hair dryers and stylers, coffee makers, blenders, air fryers and more.
SharkNinja Stock Pops On Report
On the stock market today, SharkNinja stock advanced 12.9% close at 91.63. SN stock jumped above its 50-day moving average line but is still below its 200-day line.
In an interview with Investor's Business Daily, Barrocas said SharkNinja got ahead of the Trump administration tariffs when it started diversifying its manufacturing base five years ago.
"By the end of Q2, nearly 90% of our products will be able to be produced outside of China," he said. "By the end of the year, nearly all of our products for the U.S. will be able to be produced outside of China."
Frozen Drink, Ice Cream Makers Top Sellers
Of SharkNinja's four major product categories, food preparation appliances delivered the strongest growth. Net sales in the category rose 45% year over year to $297.4 million in the first quarter. Frozen drink and ice cream makers were top sellers in the group.
Beauty and home environment appliances saw sales increase 25.8% to $137.9 million in Q1. Growth was driven by the company's FlexBreeze fans and air purifiers as well as the launch of CryoGlow face masks.
Cooking and beverage appliances posted a 4.9% increase in sales to $345.9 million. The gain was fueled by sales of the Ninja Luxe Café espresso machine and Ninja Crispi air fryer.
Cleaning appliances net sales rose 4.6% to $441.4 million in the first quarter. Cordless vacuums and carpet extraction appliances were the main drivers.
"Consumers globally continue to be excited about Shark and Ninja products," Barrocas told IBD. "We've expanded into more categories, we've expanded into more countries around the world, and we're delighting consumers. I think that was on full display in the quarter with revenue up 15% year on year."
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