Investment Rating - The industry is rated as "Overweight," indicating that it is expected to outperform the overall market [12]. Core Insights - YETI's FY2024 revenue reached $1.839 billion, a year-on-year increase of 9.4%, with Q4 revenue of $555 million, up 7.4% year-on-year [6]. - The company reported a net profit of $234 million for FY2024, reflecting an 18.8% increase year-on-year, with Q4 net profit of $85 million, also up 7.4% year-on-year [6]. - The growth in revenue was driven by strong performance in various product categories, particularly in coolers and equipment, which saw a 16.5% increase in Q4 [6]. - The DTC channel accounted for 68% of Q4 revenue, with a year-on-year growth of 9.5%, while the wholesale channel grew by 3.2% [6]. - The international market showed robust growth, with non-U.S. revenue increasing by 27.1% in Q4, contributing to 19.6% of total revenue [6]. Summary by Sections Company Performance - YETI's Q4 revenue was $555 million, with a 7.4% year-on-year increase, and FY2024 revenue was $1.839 billion, up 9.4% year-on-year [6]. - The company achieved a net profit of $234 million for FY2024, an 18.8% increase year-on-year, with Q4 net profit of $85 million [6]. Product Categories - In Q4, revenue from coolers and equipment reached $189 million, a 16.5% increase year-on-year, while drinkware products generated $358 million, up 3.5% [6]. - The introduction of new products, such as the Rodie15 hard cooler, contributed to exceeding growth expectations in the cooler category [6]. Market Expansion - YETI plans to increase its international market revenue by 30% in 2024, with a focus on expanding its presence in Australia and Europe [6]. - The company is set to launch in the Japanese market in 2025, indicating further growth potential in non-U.S. markets [6]. Financial Guidance - For FY2025, YETI expects revenue growth of 5-7%, with cooler and equipment sales outpacing drinkware [6]. - The adjusted diluted EPS target for 2025 is projected to be between $2.90 and $2.95, reflecting a year-on-year growth of 6-8% [6]. Client Relationships - The primary client, Stanley, is expanding its global presence, which is expected to drive sustainable growth for YETI [6]. - The company is also focusing on new high-potential clients like Owala, which will contribute to growth in 2025 [6].