YETI Holdings Q3 Adj. Profit Declines

(RTTNews) - YETI Holdings, Inc. (YETI) reported that its third quarter net income decreased 6% to $42.7 million, compared to $45.5 million, a year ago. Net income per share decreased 6% to $0.49. Adjusted net income decreased 3% to $52.9 million. Adjusted net income per share was $0.60, compared to $0.63. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.54, for the quarter. Analysts' estimates typically exclude special items.

Third quarter sales were flat at $433.6 million compared to the same period last year. Direct-to-consumer channel sales increased 14% to $259.5 million, compared to $227.4 million in the prior year quarter, due to growth in both Drinkware and Coolers & Equipment. Analysts on average had estimated $426.43 million in revenue.

For 2023, YETI expects: adjusted net income per share of approximately $2.32, revised from the previous outlook of between $2.23 and $2.32. Adjusted sales are projected to increase approximately 4%, revised from the previous outlook of between 4% and 5%.

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