Stock Alert: The Estée Lauder Companies Down 5% On Revenue Miss
Shares of skin care, makeup, fragrance and hair care products maker The Estée Lauder Companies Inc. (EL) are down more than 5% Monday morning after the company reported lower revenue than expected.
Net sales in the third quarter increased to $3.86 billion compared with $3.35 billion last year. Analysts’ view was at $3.94 billion.
The company reported net earnings of $456 million or $1.24 per share in the third quarter, compared with a net loss of $6 million or $0.02 per share in the prior-year period
Excluding items, adjusted earnings were $1.59 per share, that beat the consensus estimate of $1.32 per share.
Looking forward to the full-year, net sales are expected to increase between 11% and 12% and adjusted earnings per share are projected to be between $6.05 and $6.15. Analysts expect the company to report earnings of $6 per share on revenue growth of 11.8% for the period.
EL, currently at $296.47, has been trading in the range of $158.25- $318.34 in the past 52 weeks.
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