E.l.f. Beauty posts 51% sales increase, raises full-year guidance

E.l.f. Beauty on Wednesday blew past Wall Street expectations as it posted a 51% increase in net sales in its second fiscal quarter.

The beauty company said it saw its 31st consecutive quarter of net sales growth, attributing the streak to strong performance across its portfolio. The revenue spike was driven by both retail and e-commerce channels across the U.S. and internationally, the company added.

"The thing I'm most pleased about is we saw strength across our entire portfolio," CEO Tarang Amin told CNBC in an interview. "Every one of our brands contributed strong growth this quarter."

Amin added that E.l.f. is the most-searched brand on TikTok Shop and the No. 2 brand in cosmetics on the platform. The company also said it saw strong results for Rhode, the skincare brand it acquired last year.

The company raised its full fiscal-year guidance following the better-than-anticipated quarter. It now expects net sales in the range of $2 billion to $2.03 billion, compared with a previous range of between $1.94 billion and $1.97 billion. It also upped its adjusted EBITDA projection to a range of $421 million to $427 million from between $401 million and $407 million.

E.l.f. said it now expects adjusted earnings per share for the year to come in between $3.82 and $3.86, exceeding prior guidance of between $3.50 and $3.55 per share. It's also expecting a net income range of $231 million to $233 million, up from a previous range of $212 million to $215 million.

It had already raised its guidance last quarter after outperforming its expectations.

Amin said the company is "very bullish" on the holiday season, expecting high sales through the end of the year.

Here's how the company performed in its second fiscal quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

For the period ended Sept. 30, E.l.f. reported net income of $30.03 million, or 50 cents per share, up significantly from roughly $3 million, or 5 cents per share, the year prior.

E.l.f. also saw significant growth in its international channels, with business up 165%. Amin told CNBC that only 25% of the company's business is outside of the U.S. and that it has a "tremendous opportunity" to build on that momentum.