SharkNinja has announced its financial results for the second quarter, ended 30 June, 2024.
Net sales for the period increased 31.4% to $1,248.7 million and adjusted net sales increased 37.9%. Gross margin and adjusted gross margin increased 630 and 570 basis points respectively.
Net income for Q2 increased 470.1% to $68 million, while adjusted net income increased 52.9% to $99.6 million. Adjusted EBITDA increased 47.6% to $167.7 million, or 13.4% of adjusted net sales.
Mark Barrocas, chief executive officer, commented: “SharkNinja fueled excellent organic and profitable growth in the second quarter. Our diversified portfolio of products and strong revenue mix drove broad-based, double-digit growth across each of our key product categories.
“We are expanding market share, entering new categories, and growing our global footprint, as we continue to execute on our proven three-pillar growth strategy. Looking ahead, we are confident in our ability to deliver high-performance products that solve consumer problems, even amidst certain challenges emerging in the global operating environment. Our relentless focus on execution has consistently yielded exceptional results, and we are positioned to execute this playbook going forward.”
During the period, cooking and beverage appliances net sales increased by $36.2 million, or 10.6%, to $379.3 million. Adjusted net sales in the sector increased by $39.7 million, or 11.7%, driven by growth in Europe. Global growth was supported by the success of the outdoor grill and outdoor oven across both the US and European markets.
Food preparation appliances net sales increased by 4121.5 million or 84.8%, to $264.9 million. Adjusted net sales in the sector increased by $125.9 million, or 90.6%, from $139 million to $264.9 million, driven by strong sales of ice cream makers and portable blenders.
Gross profit increased 51.4% to $600.9 million, or 48.1% of net sales, compared to $396.9 million, or 41.8% in Q2 2023.
For FY24, SharkNinja is increased its outlook on key metrics and now expects net sales to increase 20-22%, compared to previous expectation of 10-12%.
Adjusted EBITDA for FY24 is now expected to be between $910 million and £940 million, reflecting a 26% to 31% increase, compared to prior expectation of between $840 million and $870 million, reflecting a 17-21% increase.
