Kitchen and household device maker SharkNinja on Thursday beat expectations for the first quarter and with its guidance for the full year. SharkNinja stock surged on the news.
The Needham, Mass.-based company earned an adjusted $1.06 a share on sales of $1.07 billion in the March quarter. Analysts polled by FactSet had expected earnings of 97 cents a share on sales of $950 million. On a year-over-year basis, SharkNinja earnings rose 23% while sales climbed 25%.
For the full year, SharkNinja now expects to earn an adjusted $3.74 a share on sales of $4.72 billion. That's based on the midpoint of its guidance. Wall Street was looking for earnings of $3.59 a share on sales of $4.58 billion. Last year, SharkNinja earned an adjusted $3.22 a share on sales of $4.25 billion.
SharkNinja makes small appliances for cleaning, cooking, food preparation, beauty and more. Of its major product categories, food preparation appliances posted the biggest growth in Q1, led by ice cream makers and compact blenders.
SharkNinja Stock Soars After Report
"We are gaining share in our existing product categories and geographies, we have a robust pipeline of innovative products in new categories, and we see significant opportunity to grow in international markets," Chief Executive Mark Barrocas said in a news release.
On the stock market today, SharkNinja stock jumped 6.4% to close at 71.35. Earlier in the session, it notched an all-time high of 72.50.
SharkNinja stock went public last July after its spinoff from China-based JS Global Lifestyle. Shares began trading at 30.05.
On Feb. 15, after its fourth-quarter report, SharkNinja hit a buy point of 53.40 out of a flat base, according to IBD MarketSurge charts. It climbed to a high of 65.61 on April 8, which was in the 20%-to-25% profit-taking zone, based on IBD trading guidelines. It then retreated as much as 7% to 61 on April 16 before beginning its comeback.
IRobot Gets New CEO
Other consumer electronics stocks moving on quarterly reports this week include iRobot and Sonos.
Robot vacuum-cleaner maker iRobot beat consensus estimates with its first-quarter results. But its sales have now fallen 10 straight quarters on a year-over-year basis.
However, iRobot stock rocketed after the Roomba maker hired a turnaround specialist as its new chief executive officer. Shares surged 21.1% to 10.92 on Wednesday after the company announced Gary Cohen as its new CEO. Cohen is a former Gillette, Timex and Energizer executive. On Thursday, iRobot stock advanced 4.4% to 11.40.
Sonos Sales Decline Continues
Premium audio speaker maker Sonos reported better-than-expected sales in the March quarter but its per-share loss was larger than predicted. Sonos stock dropped 4.2% to 16.84 Wednesday on the news. On Thursday, Sonos shares rose 2.4% to 17.25.
The company's sales fell 17% year over year to $252.7 million in the March quarter amid a challenging consumer spending environment. Its sales have now fallen for three consecutive quarters on a year-over-year basis.
Meanwhile, investors are awaiting news on Sonos' rumored entry into the over-the-ear headphone market later this quarter.
SharkNinja Stock Is Second In Group
SharkNinja stock ranks second out of 13 stocks in IBD's Household-Appliances and Wares industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 95 out of 99.
Meanwhile, iRobot ranks No. 12 in the group with a Composite Rating of just 7.
Sonos ranks seventh out of 17 stocks in IBD's consumer electronics industry group. It has a Composite Rating of 46.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
