Coty Inc shares fall 3.9% in pre-conference trading, as the beauty products company announced earnings for the second quarter of the year that exceeded estimates, and upgraded the outlook for the whole year, with revenues, however, being marginally lower.
For the quarter ended Dec. 31, the company returned $ 192.7 million, or 23 cents a share, compared with a loss of $ 275.4 million, or 36 cents a year earlier.
Excluding the extraordinary, the adjusted earnings per share stood at 17 cents, compared to estimates for 11 five.
Revenue rose 11.5 percent to $ 1.58 billion, but was lower than estimated at $ 1.60 billion.
Gross margin improved to 64.4% from 58.7%, as sales costs fell 3.9% to $ 561.1 million.
For the year 2022, the company upgraded its adjusted earnings per share estimates to 22-26 cents, up from previous estimates of 20-24 cents.
Source: Capital
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