Shares of e.l.f. Beauty (NYSE:ELF) soared in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $0.48, which beat analysts’ consensus estimate of $0.23 per share. Sales increased by 49.3% year-over-year, with revenue hitting $146.5 million. This beat analysts’ expectations of $122.22 million.
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As a result, the company raised its Fiscal Year 2023 outlook and now expects revenue and adjusted earnings per share to be in the ranges of $541-545 million and $1.37-$1.40, respectively.
Overall, Wall Street has a consensus price target of $59 on ELF stock, implying 0.75% upside potential, as indicated by the graphic above.