A manufacturer of affordable cosmetics and skincare products, e.l.f. Beauty, Inc. (NYSE:ELF) posted some glamorous results with its latest quarterly and 12-month outcomes, reporting a 13% boost of net sales for its fiscal fourth quarter, ended March 31. This year, the company also generated positive net income, a notable change from fiscal 2019's net loss.

e.l.f.'s non-GAAP earnings per share (EPS) and its revenue beat analyst consensus estimates. Adjusted net income grew by 65.6% to $5.3 million, delivering $0.10 EPS and beating analyst estimates by $0.05. The company reports the 13% year-over-year rise in quarterly net sales was "primarily driven by increased productivity across our retail and e-commerce channels."

Various cosmetics and a make up brush.

Image source: Getty Images.

For the whole of fiscal 2020, net income under generally accepted accounting principles (GAAP) was $17.9 million, up from fiscal 2019's $3.1 million net loss. Adjusted net income declined slightly, from $32.7 million and $0.67 EPS for 2019 to $32.2 million and $0.63 EPS in 2020.

Following the release, J.P. Morgan analyst Andrea Teixeira boosted the December price target for e.l.f. Beauty from $13, below its current share price, to $17. In a research note, she remarked that the company's low-cost cosmetics and personal care items are especially attractive during the economic downturn caused by the coronavirus.

Teixeira singled out e.l.f.'s Poreless Putty Primer as an example of an e.l.f. "hero product," selling vigorously at $8 compared to "prestige" equivalents with prices 375% to 625% higher.

Shares of e.l.f. Beauty are up in morning trading, currently tracking toward $16 per share with over 9% gains.

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