11:13 AM EDT, 08/08/2024 (MT Newswires) -- YETI (YETI) on Thursday increased its full-year earnings and sales growth outlook as the outdoor products company's second-quarter results grew more than expected.

Adjusted net income per share in 2024 is expected between $2.61 and $2.65, up from the prior guidance of $2.49 and $2.62. Adjusted sales are now estimated to rise by 8% and 10%, compared with its previous guidance of 7% to 9%.

"Supported by our execution in the front half of the year, we are increasing both our top line and bottom line outlooks," Chief Executive Matt Reintjes said in a statement. "This reflects our strong second-quarter results and continued confidence in our ability to deliver the second half of the year despite an uncertain macro environment."

Shares of the cooler and thermos maker soared 13% in Thursday trading.

Adjusted operating income as a percentage of adjusted sales is expected at roughly 16.5% in 2024, compared with a prior 16% to 16.5% range. Capital expenditures are pegged at between $50 million and $60 million, versus $60 million previously projected.

Revenue rose to $463.5 million for the three months ended June 29 from $402.6 million the year earlier and topped the $452.4 million average analyst estimate on Capital IQ. Direct-to-consumer channel sales rose 11% to $250.4 million, reflecting growth in both drinkware and coolers and equipment categories. Wholesale revenue gained 21% to $213.1 million.

"Supported by a strong lineup of new innovation, we were well positioned to capitalize on cooler demand, which we saw steadily build throughout the quarter," Reintjes said.

Adjusted EPS increased to $0.70 from $0.57 last year and beat the Street's view of $0.63. Gross margin expanded 360 basis points to 57% due in part to lower inbound freight and product costs.

"From an execution standpoint, we are building the foundation needed to support our future growth on a global basis, including making progress towards broadening our global supply footprint," according to Reintjes.

Price: 41.40, Change: +4.37, Percent Change: +11.79