- Ulta Beauty (NASDAQ:ULTA) stock is jumping on a strong earnings report.
- This saw it beat out diluted EPS and revenue estimates.
- The cosmetics company also increased its outlook for 2022.
Ulta Beauty (NASDAQ:ULTA) stock is gaining on Friday after the cosmetics retailer released a strong earnings report for the first quarter of 2022.
The most recent Ulta Beauty report includes diluted earnings per share of $6.30. That’s a massive beat compared to the $4.49 per share that Wall Street was expecting for the quarter. It’s also a major increase year-over-year compared to $4.10.
In addition to that, the retailer also reported a revenue of $2.35 billion. That’s another solid beat compared to the $2.12 billion that analysts were looking for this period. Plus, it’s a 21% increase from the $1.94 billion reported in the first quarter of 2021.
Another boon to ULTA stock comes from an increased outlook for the full year of 2022. This has the company expecting diluted EPS between $19.20 and $20.10. For the record, Wall Street is estimating a diluted EPS of $18.66 for the year. Also, the prior diluted EPS outlook was $18.20 to $18.70.
To go along with that, Ulta Beauty is also providing revenue guidance of $9.35 billion to $9.55 billion for the year. For comparison, analysts are estimating revenue of $9.18 billion in 2022. The previous revenue outlook ranged from $9.05 billion to $9.15 billion.
Dave Kimbell, CEO of Ulta Beauty, said the following in the earnings report.
“The Ulta Beauty team delivered exceptional first quarter results, with better-than-expected sales and earnings growth, supported by double-digit comparable sales growth across all major categories.”
ULTA stock is up 10.8% as of Friday morning.
Investors seeking out more recent stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
