E.l.f. Beauty Q1 Net Income Doubles to $66.6M on $50M Tariff Rebate

According to CNBC, E.l.f. Beauty (NYS:ELF) reported on August 5 that its net income doubled to $66.6 million in the first quarter ended June 30, driven by a $50 million federal tariff rebate and related interest payments. Revenue reached $479 million, up 36% year-over-year and beating market expectations of $430 million.

The tariff rebate followed a U.S. Supreme Court ruling that invalidated certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA). CEO Tarang Amin stated the company would reinvest the funds in pricing competitiveness and brand marketing. E.l.f. Beauty raised its full-year revenue guidance to $1.94–$1.97 billion and adjusted EPS guidance to $3.50–$3.55, both exceeding market expectations.