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Peloton lifts FY'21 outlook after fiscal Q1 revenue jumps more than 230% YOY

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Peloton lifts FY'21 outlook after fiscal Q1 revenue jumps more than 230% YOY

New York-based Peloton Interactive Inc. on Nov. 5 raised its full-year fiscal 2021 outlook after reporting an increase of more than 230% in its first-quarter revenue amid the coronavirus pandemic.

The company, which provides at-home workout equipment and classes, now expects revenue of at least $3.9 billion in 2021, up from its previous forecast for a range of $3.50 billion to $3.65 billion.

Peloton also forecast adjusted EBITDA of at least $300 million for fiscal year 2021. The company previously expected adjusted EBITDA for the 12-month period to come in between $200 million and $275 million.

Net income for the first fiscal quarter ended Sept. 30 came in at $69.3 million, or 20 cents per diluted share, versus a net loss of $49.8 million, or a diluted loss per share of $1.29, in the prior-year period. That beat the S&P Capital IQ mean consensus estimate for EPS of 11 cents.

Revenue for the quarter rose 232% year on year to $757.9 million, ahead of the estimate of $733.74 million. Connected fitness subscriptions rose 137% to over 1.33 million, while paid digital subscriptions increased 382% to 510,000, Peloton said.

The digital fitness company reported its first-ever profit Sept. 11 when it posted a 172% year-on-year jump in its fiscal fourth-quarter revenue.

Peloton expects to post revenue of $1 billion and adjusted EBITDA of $70 million in the second quarter.

The company said it has made progress in narrowing its order-to-delivery windows but that "continued high global demand" for its products resulted in a "substantial backlog" of deliveries at the end of the quarter. Peloton added that it will be operating under supply constraints for the foreseeable future.

Shares of Peloton, which went public in September 2019, were down 6% to $119.00 in after-hours trading Nov. 5.

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