CHARLOTTE, N.C. - Snap One Holdings Corp. (NASDAQ:SNPO), a provider of smart-living products and services, reported its fiscal fourth quarter results, surpassing analyst expectations with a narrower loss and higher revenue. The company posted a fourth-quarter loss of -$0.08 per share, which was $0.03 better than the analyst consensus of -$0.11. Revenue for the quarter was $264.4 million, edging past the consensus estimate of $266.43 million.
The positive earnings report triggered a 3.46% rise in Snap One's stock, indicating a favorable market response. This uptick reflects investor optimism following the company's earnings and revenue beat, which is a testament to the company's continued industry leadership and the successful launch of new service offerings like Control4 Connect and Control4 Assist.
CEO John Heyman commented on the company's performance, stating, "We delivered another strong year in 2023 despite continued global uncertainty, channel inventory destocking, and rising interest rates." He attributed the strong results to the company's commitment to growth strategies, including enhancing the end consumer experience and expanding operating margin.
Comparing year-over-year performance, the company's net sales saw a slight decrease of 1.4% from $268.2 million in the previous year. However, Snap One demonstrated operational efficiency with an adjusted EBITDA increase of 10.7% to $29.8 million, or 11.3% of net sales, compared to $26.9 million or 10.0% of net sales in the prior year.
Looking ahead, Snap One introduced its financial outlook for fiscal 2024, expecting net sales to range between $1.06 billion and $1.13 billion. This projection indicates a potential year-over-year performance ranging from flat to an increase of 6.5%. The company anticipates adjusted EBITDA for fiscal 2024 to be between $120 million and $128 million, marking an increase of 2.4% to 9.2% compared to the previous fiscal year.
Despite the uncertain macroeconomic environment, Heyman expressed confidence in the company's resilient business model and its strategy for growth in 2024 and beyond. With the introduction of innovative service models and new products, Snap One is poised to continue its trajectory as a leader in the smart-living industry.
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