Helen of Troy bounces after beating earnings and revenue expectations
Investing.com -- Housewares and beauty product maker Helen of Troy Ltd (NASDAQ:HELE) jumped after earnings on Monday.
The maker of Hydro Flask and Vicks jumped 18% in trading, and the shares are up more than 19% this year.
The company reported its biggest earnings beat in a year as sales improved in the first quarter ended in May.
Helen of Troy has been making progress in a restructuring effort it announced earlier this year, including a 10% workforce reduction as it faced a challenging macroeconomic environment.
CEO Julien Mininberg said the quarter “exceeded our expectations despite continued pressure on certain categories from lower consumer demand and shifting buying patterns. Several Leadership Brands outperformed and also grew market share in the United States.” International sales were also stronger than expected.
Consolidated net sales revenue of $474.7 million was down 6.6% from last year. Adjusted earnings per share of $1.94 easily beat expectations for $1.68 a share. Revenue also beat expectations.
The company confirmed its 2024 guidance for adjusted earnings per share of $8.50 to $9, better than consensus, and revenue of $1.96 billion to $2.02B, beating expectations at the top end of the range.
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