Kitchen and household device maker SharkNinja on Thursday beat estimates for the third quarter and raised its outlook for the full year. It also announced a special cash dividend. However, SharkNinja stock fell after the report.
The Needham, Mass.-based company earned an adjusted 95 cents a share on adjusted net sales of $1.06 billion in the September quarter. Analysts polled by FactSet had expected earnings of 81 cents a share on sales of $1 billion. On a year-over-year basis, earnings rose 34% while sales increased 15%.
For the full year, SharkNinja now expects adjusted net sales to increase between 12.5% and 13.5% over last year. It forecast adjusted earnings of $3.06 to $3.14 a share, reflecting a 29% to 32% increase over last year.
Plus, SharkNinja announced a special cash dividend of $1.08 a share, or about $150 million in the aggregate, payable on Dec. 11 to shareholders of record as of Dec. 1.
SharkNinja Stock Dips After Report
On the stock market today, SharkNinja stock slid 0.9% to close at 43.62. SN stock had been sharply higher in premarket trading Thursday.
"We have good momentum as we head into the holiday season," Chief Executive Mark Barrocas said in a news release.
He added, "We continue to deliver on our three-pillar growth strategy of gaining market share in existing categories, entering new and adjacent categories and international expansion."
SharkNinja stock went public on July 31 after its spinoff from China-based JS Global Lifestyle. Shares began trading at 30.05 and hit a record high of 52.90 before pulling back.
SharkNinja ranks third out of 13 stocks in IBD's Household Appliances and Wares industry group, according to IBD Stock Checkup. SN stock has an IBD Composite Rating of 78 out of 99.
SharkNinja makes devices for food preparation, cooking, household cleaning and other categories. It sells kitchen appliances like air fryers and blenders under the Ninja brand and vacuums and other products under the Shark brand.
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