The following is a summary of the SharkNinja, Inc. (SN) Q1 2024 Earnings Call Transcript:
Financial Performance:
SharkNinja's Q1 2024 net sales increased by 28% to $1.1 billion, and adjusted EBITDA grew by 30% to $231 million.
Gross margins improved by over 200 basis points and EBITDA margins increased by 30 basis points year-over-year.
Net income increased to $110 million from $87 million the previous year.
The company increased its fiscal year 2024 guidance expecting net sales to increase between 12% to 14%.
Adjusted EPS for FY 2024 has been projected to be in the range of $3.66 to $3.82, which represents a 14% to 19% YoY increase.
Business Progress:
SharkNinja expanded its product offerings by entering 18 new subcategories, including Ninja coolers and Shark indoor/outdoor fans.
The company aims to produce most of U.S. volume outside of China by 2025 as part of its diversification strategy.
It made significant expansions into Europe and Latin America and plans further expansion in the Middle East in 2H.
Experienced significant growth in French and German markets with plans for further expansions in regions such as North America, Nordics, Benelux, Poland, Italy, and Spain.
To support this growth, SharkNinja is investing over 6% of sales in R&D and over 9% of sales in marketing.
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