Why Yeti Stock Swooned in August
Yahoo Finance ·
A hot summer month seems like the ideal time for a company that specializes in coolers and large drink tumblers. Alas, that sure wasn't the case for Yeti Holdings ( YETI +3.21% ) , which saw its stock price melt by more than 16% over the course of the month. Much of this had to do with the company's second-quarter results, which weren't as impressive as they first seemed. For the quarter, Yeti managed to increase its net sales by 9% year over year to almost $484 million. The main driver of this growth was the company's coolers and equipment business, which posted a 16% increase to more than $232 million. Drinkware sales only inched up by 2% to slightly over $241 million. The "other" category was 13% higher at almost $11 million. The company reported that its international sales rose by a sturdy 19% to just under $93 million. Coincidentally, that comprised 19% of the total for the quarter. On the bottom line, Yeti's net income not under generally accepted accounting principles (non-GAAP, or adjusted) went in the opposite direction. It fell by 8% to just under $51 million, or $0.67 per share.
DYAX Investor Sentiment
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