Shares of Elf Beauty Inc. rose nearly 9% in the extended session Wednesday after the beauty products maker blew past fiscal second-quarter earnings expectations and raised its outlook for fiscal 2023. Elf earned $11.7 million, or 21 cents a share, in the quarter, compared with $5.7 million, or 11 cents a share, in the year-ago period. Adjusted for one-time items, Elf earned 36 cents a share. Sales rose 33% to $122.3 million, mostly on “strength in both our retailer and e-commerce channels,” Elf said. Analysts polled by FactSet expected Elf to report adjusted earnings of 16 cents a share on sales of $105 million. The company said it expects fiscal 2023 sales between $478 million and $486 million, compared with a previous expectation of sales between $448 million and $456 million. It guided for adjusted EPS between $1.07 and $1.10 for the year, compared with an earlier estimate of EPS between 84 cents and 87 cents. Shares of Elf ended the regular trading day down 4.7%.
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