SharkNinja (SN) Q2 2024 earnings summary

Executive summary

• Q2 net sales rose 31.4% to $1,248.7M; adjusted net sales increased 37.9% to $1,248.7M.

• Adjusted EBITDA grew 47.6% to $167.7M, with margin expanding 90 bps to 13.4%.

• Growth was broad-based across product categories and geographies, supported by innovation and market-share gains.

Financial highlights

• Adjusted gross profit rose 56.0% to $614M; adjusted gross margin expanded 570 bps to 49.2%.

• Net income increased 470.1% to $68.0M; adjusted net income rose 52.9% to $99.6M, and adjusted EPS increased 51.1% to $0.71.

• Adjusted operating income grew 61.5% to $143.2M.

Outlook and guidance

• FY 2024 net sales growth outlook raised to 20%–22% from 10%–12%; adjusted net sales growth outlook raised to 22%–24% from 12%–14%.

• Adjusted EBITDA guidance increased to $910M–$940M, up 26%–31%; adjusted EPS guidance rose to $4.05–$4.21, up 26%–31%.

• FY 2024 capital expenditures projected at $160M–$180M; effective tax rate at 24%–25%.