Yeti’s stock slides 11% after company’s earnings fall short and it offers soft guidance

Yeti Holdings Inc.’s stock
YETI,
+1.84%
tumbled 11% early Thursday, after the maker of drinkware, coolers and outdoor products missed profit and sales estimates for the fourth quarter and offered soft guidance. Austin, Texas-based Yeti had net income of $78.6 million, or 90 cents a share, for the quarter, after a loss of $27.7 million, or 32 cents a share, in the year-earlier period. Adjusted per-share earnings also came to 90 cents, below the 96-cent FactSet consensus. Sales rose 16% to $519.8 million, also below the $536.0 million FactSet consensus. Sales were buoyed by the drinkware category, which were up 12%, while its expansion outside the U.S. grew that business by 39%. “Despite strong topline performance in these areas, our fourth quarter results were below our guidance, primarily as a result of more cautious and inconsistent spending on high-priced ticket items in our Coolers & Equipment category,” CEO Matt Reintjes said in a statement. For 2024, the company is expecting to achieve adjusted EPS of $2.45 to $2.50, while FactSet is expecting $2.68. The stock has gained 9% in the last 12 months, underperforming the S&P 500
SPX,
+0.96%,
which has gained 20.6%.