YETI Holdings, Inc. (NYSE: YETI) reported Q4 EPS of $0.48, $0.05 better than the analyst estimate of $0.43. Revenue for the quarter came in at $297.6 million versus the consensus estimate of $279.38 million.

• Fourth Quarter Net Sales Increased 23%; Full Year Increased 17%
• Fourth Quarter Gross Margin Expanded 150 Basis Points; Full Year Expanded 280 Basis Points
• Fourth Quarter EPS decreased 82%; Adjusted EPS increased 29%
• Full Year EPS decreased 16%; Adjusted EPS increased 32%
• Provides Fiscal Year 2020 Outlook

YETI reports its financial performance in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as adjusted on a non-GAAP basis. Please see “Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures.

Matt Reintjes, President and Chief Executive Officer, commented, “YETI’s 23% net sales growth during the quarter reflects the strength of our brand and innovation. Throughout the year, we outperformed topline expectations, generated sizable gross margin expansion, and consistently executed across our strategic growth drivers thanks to the incredible support of our customers. This momentum is reflected in our fiscal 2020 outlook, highlighted by 13% to 15% net sales growth and ongoing adjusted operating margin expansion. We have set the bar high for the brand and look forward to once again exceeding customer expectations in 2020.”

GUIDANCE:

YETI Holdings, Inc. sees FY2020 EPS of $1.34-$1.39, versus the consensus of $1.37.

For Fiscal 2020, a 53-week period, compared to a 52-week period in Fiscal 2019, YETI expects:

• Net sales to increase between 13.0% and 15.0% compared to Fiscal 2019 (including the impact of the 53rd week, which is expected to contribute approximately $7 million) with strong growth across both channels and led by the DTC channel;
• Operating income as a percentage of net sales between 15.3% and 15.6%;
• Adjusted operating income as a percentage of net sales between 16.3% and 16.6%, reflecting margin expansion of 70 to 100 basis points, driven by higher gross margin;
• An effective tax rate of approximately 25.0%;
• Net income per diluted share is now expected to be between $1.24 and $1.29, reflecting 112% to 122% growth;
• Adjusted net income per diluted share between $1.34 and $1.39, reflecting 26% to 30% growth;
• Diluted weighted average shares outstanding of 87.7 million;
• Adjusted EBITDA between $202.1 million and $207.9 million, or between 19.6% and 19.8% of net sales, reflecting 18% to 21% growth;
• Capital expenditures between $30 million and $35 million; and
• The impact of the 53rd week, which is included in this outlook, is expected to contribute approximately $7 million to net sales and have a nominal contribution to earnings.

For earnings history and earnings-related data on YETI Holdings, Inc. (YETI) click here.