YETI Holdings reported quarterly results

full year earnings: “Updated 2019 Full Year Outlook • Net sales are now expected to increase between 14.5% and 15.0% compared to 2018, with growth across both channels and led by the DTC channel (versus the previous outlook of between 13.5% and 14.0%); • Operating income as a percentage of net sales is now expected to be between 14.0% and 14.2% (versus the previous outlook of 13.9% to 14.1%), reflecting margin expansion of 90 to 110 basis points, primarily driven by higher gross margin; • Adjusted operating income as a percentage of net sales is now expected to be between 16.8% and 17.0% (versus the previous outlook of 16.3% to 16.6%), reflecting margin expansion of 90 to 110 basis points, primarily driven by higher gross margin; • An effective tax rate at a more normalized level of approximately 24.5%, which remains unchanged from the previous outlook; • Net income per diluted share is now expected to be between $0.90 and $0.92, reflecting 29% to 33% growth (versus the previous outlook of $0.88 to $0.90); assuming a normalized tax rate of 24.5% in 2018 (the effective tax rate for 2018 was 17%), earnings growth would be between 42% to 46%; • Adjusted net income per diluted share is now expected to be between $1.12 and $1.14, reflecting 23% to 26% growth (versus the previous outlook of $1.07 and $1.09, reflecting 18% to 21% growth); assuming a normalized tax rate of 24.5% in 2018 (the effective tax rate for 2018 was 17%), adjusted earnings growth would be between 33% and 36% (versus the previous outlook of 27% to 30%); • Diluted weighted average shares outstanding of 86.3 million (versus the previous outlook of 86.0 million); • Adjusted EBITDA is now expected to be between $178.2 million and $181.2 million, or between 20.0% and 20.2% of net sales, reflecting 20% to 22% growth (versus the previous outlook of $174.8 million and $177.7 million, or between 19.8% and 20.0% of net sales, and reflecting growth of 17% to 19%); • Capital expenditures are now expected to be between $30 million and $35 million; and • Ratio of net debt to Adjusted EBITDA is expected to be approximately 1.0 times at the end of 2019, which remains unchanged from the previous outlook, compared to 1.7 times at the end of 2018.” Previous: “Updated 2019 Full Year Outlook • Net sales are now expected to increase between 14.5% and 15.0% compared to 2018, with growth across both channels and led by the DTC channel (versus the previous outlook of between 13.5% and 14.0%); • Operating income as a percentage of net sales is now expected to be between 14.0% and 14.2% (versus the previous outlook of 13.9% to 14.1%), reflecting margin expansion of 90 to 110 basis points, primarily driven by higher gross margin; • Adjusted operating income as a percentage of net sales is now expected to be between 16.8% and 17.0% (versus the previous outlook of 16.3% to 16.6%), reflecting margin expansion of 90 to 110 basis points, primarily driven by higher gross margin; • An effective tax rate at a more normalized level of approximately 24.5%, which remains unchanged from the previous outlook; • Net income per diluted share is now expected to be between $0.90 and $0.92, reflecting 29% to 33% growth (versus the previous outlook of $0.88 to $0.90); assuming a normalized tax rate of 24.5% in 2018 (the effective tax rate for 2018 was 17%), earnings growth would be between 42% to 46%; • Adjusted net income per diluted share is now expected to be between $1.12 and $1.14, reflecting 23% to 26% growth (versus the previous outlook of $1.07 and $1.09, reflecting 18% to 21% growth); assuming a normalized tax rate of 24.5% in 2018 (the effective tax rate for 2018 was 17%), adjusted earnings growth would be between 33% and 36% (versus the previous outlook of 27% to 30%); • Diluted weighted average shares outstanding of 86.3 million (versus the previous outlook of 86.0 million); • Adjusted EBITDA is now expected to be between $178.2 million and $181.2 million, or between 20.0% and 20.2% of net sales, reflecting 20% to 22% growth (versus the previous outlook of $174.8 million and $177.7 million, or between 19.8% and 20.0% of net sales, and reflecting growth of 17% to 19%); • Capital expenditures are now expected to be between $30 million and $35 million; and • Ratio of net debt to Adjusted EBITDA is expected to be approximately 1.0 times at the end of 2019, which remains unchanged from the previous outlook, compared to 1.7 times at the end of 2018.”