On Holding AG (ONON) Tops Q2 revenue estimates; offers guidance

On Holding AG (NYSE: ONON) reported Q2 EPS of CHF0.14. Revenue for the quarter came in at CHF567.7 million versus the consensus estimate of CHF562.7 million.

"On has experienced a very strong first half of 2024, with two consecutive record top-line quarters and continued strong demand across channels, regions and product categories. From highly successful product launches and groundbreaking innovations to athlete success stories and authentic brand partnerships, On has further ignited its brand momentum in the first six months of 2024 with various initiatives that are converting to higher brand awareness and inspiring fans to Dream On.

As a result, On is reiterating its full year expectation of at least 30% net sales growth on a constant currency basis. Considering the recent strength of the Swiss Franc and assuming spot rates persist at current levels for the remainder of the year, this implies reported net sales of at least CHF 2.26 billion in 2024 and the continuation of On's strong momentum in the second half of the year. Additional focus over the next months will be placed on successfully advancing On's warehouse automation project in the U.S., with a view towards scaling On's distribution capabilities in North America over the medium term.

Considering the results in the first half of 2024, On additionally remains well on track to reach its profitability ambitions for the full year, and expects to achieve a gross profit margin of around 60% and an adjusted EBITDA margin of 16.0 - 16.5%."

For earnings history and earnings-related data on On Holding AG (ONON) click here.

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