Estee Lauder Profits Jump
Estee Lauder Cosmetics Inc. reported its fiscal second-quarter results Thursday, showing increased profits fueled by higher demand over the vital holiday shopping season, prompting the company to also raise its full-year expectations.
The company reported fiscal 2Q income as $343.9 million, or $1.71 per share, in its fiscal second quarter which ended December 31st. Those number represent a nice increase over the $256.2 million, $1.28 per share, the company earned in the same period a year earlier.
Excluding certain items, the company said it would have earned $1.77 per share, a 38 percent increase over the previous year and easily surpassing analysts’ expectations of $1.44 in a recent Thomson Reuters survey. Sales for the company rose ten percent in the quarter to $2.49 billion, beating expectations of $2.42 billion.
Estee executives raised its full year forecast to a range of $3.40 to $3.60 per share from a previous forecast of between $2.90 to $3.10 per share. They are also expecting sales to rise 8 to 10 percent, increasing a previous forecast of a rise between 7 and 9 percent.