$e.l.f. Beauty (ELF.US)$ reported its fourth-quarter financial results after the bell Wednesday that sent the stock 16% higher Thursday.

E.l.f. Beauty reported adjusted earnings of 53 cents per share, beating the 32-cent estimate. Quarterly sales clocked in at $321.14 million, beating the $292.17 million analyst consensus estimate, primarily driven by strength across retailer and e-commerce channels.

Gross margin increased by approximately 180 basis points in the fourth quarter to 71%, primarily driven by favorable foreign exchange impacts, international price increases, lower costs from retailer activity, cost savings and mix, and improved transportation costs, partially offset by inventory adjustments.

The company ended fiscal 2024 with $108.2 million in cash and cash equivalents and $161.8 million of long-term debt and finance lease obligations, as compared to $120.8 million in cash and cash equivalents and $60.9 million of long-term debt and finance lease obligations at the end of fiscal 2023.

"Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we've delivered," said Tarang Amin, e.l.f. Beauty's chairman and CEO.

"In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skin care and international markets."

Ahead of the print, Canaccord Genuity analyst Susan Anderson maintained e.l.f. Beauty with a Buy and a $214 price target.

Outlook: e.l.f. Beauty sees fiscal year earnings between $3.20 and $3.25 per share, versus the $3.51 per share estimate, and full-year revenue in a range of $1.23 billion and $1.25 billion, versus the $1.27 billion estimate.

E