Booming Cooler Sales Help Yeti Beat Profit and Sales Estimates

Core Insights - Yeti reported quarterly profit and sales that exceeded forecasts due to strong demand for its coolers [1] - The company raised its full-year guidance for adjusted earnings per share and revenue [1] Financial Performance - Yeti posted second-quarter adjusted earnings per share (EPS) of $0.70, with revenue rising 15% year-over-year to $463.5 million, both surpassing analyst estimates [2] - Sales in the Coolers & Equipment segment surged 31% to $205.9 million, driven by demand for soft coolers and bags [2] - The Drinkware division saw a 6% increase in sales to $246.5 million, attributed to new products and colors [2] Market Position and Demand - CEO Matt Reintjes indicated that the company is well-positioned to meet the growing demand for coolers, which increased throughout the quarter [3] - International sales experienced a significant increase of 35%, while U.S. sales rose by 12% [3] Updated Guidance - Yeti now expects full-year adjusted EPS to be between $2.61 and $2.65, an increase from the previous forecast of $2.49 to $2.62 [4] - The company anticipates adjusted sales growth of 8% to 10%, compared to the earlier outlook of 7% to 9% [4] - Following the announcement, Yeti's shares surged 17% to $43.42, although they remain down 16% year-to-date [4]