E.l.f. Beauty reported that its net income nearly doubled in the first quarter of its fiscal year ended June 30, thanks to a tariff refund of approximately $50 million from the federal government. The company’s net income reached $66.6 million, up from $33.3 million a year earlier, while revenue rose 36% to $479.4 million, beating analyst expectations of $430 million. Adjusted earnings per share came in at $1.75, far exceeding the expected 71 cents, and gross margin expanded by 14 percentage points. CEO Tarang Amin said the company plans to reinvest the funds in its brands and pricing strategy. The impact of this one-time refund will not repeat in future quarters, and the company raised its full-year revenue guidance to between $1.94 billion and $1.97 billion.
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