YETI Holdings, Inc. (NYSE: YETI) reported Q3 EPS of $0.60, $0.05 better than the analyst estimate of $0.55. Revenue for the quarter came in at $433.6 million versus the consensus estimate of $427.42 million.

For 2023, YETI expects:

Adjusted sales to increase approximately 4% (versus the previous outlook of between 4% and 5%). Expected adjusted sales are inclusive of an approximate 500 basis points unfavorable impact on our growth rate from the stop sale of the products affected by the recalls. Expected adjusted sales also include $18.8 million of sales from recall-related gift card redemptions during the second and third quarter of 2023;
Adjusted operating income as a percentage of adjusted sales of approximately 16.0% (versus the previous outlook of between 15.5% and 16.0%). The benefit from the adjusted gross margin expansion is expected to be more than offset by adjusted SG&A deleverage, which is driven by the unfavorable topline impact from the stop sale of the products affected by the recalls as well as strategic investments;
An effective tax rate of approximately 25.1% (compared to 22.8% in the prior year period, which reflected an income tax benefit related to stock-based compensation);
Adjusted net income per diluted share of approximately $2.32 (versus the previous outlook of between $2.23 and $2.32), reflecting a 2% decrease, with earnings growth beginning in the fourth quarter of the year;
Diluted weighted average shares outstanding of approximately 87.4 million (versus the previous outlook of 87.3 million); and
Capital expenditures of approximately $55 million (versus the previous outlook of $60 million) primarily to support investments in technology and new product innovation and launches.

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