Estee Lauder’s quarterly profit beats estimates

Earnings


Cosmetics maker Estee Lauder forecast full-year profit ahead of analysts’ estimates and posted higher-than-expected quarterly results, driven by strong demand for its brands such as M.A.C, Tom Ford, and Smashbox.

Estee Lauder’s shares rose nearly 5 percent to $103.00 before the bell on Friday.

The company said it expects full-year net sales to rise between 8 percent and 9 percent.

Estee Lauder also said it expected 2018 adjusted profit of $3.87-$3.94 per share. Analysts had estimated full-year profit to be $3.79 per share, according to Thomson Reuters I/B/E/S.

Sales in the company’s makeup unit, which sells brands such as Tom Ford, Smashbox and La Mer, rose 16 percent to $1.31 billion. The business accounts for more than 44 percent of total sales.

Net income attributable to Estee Lauder rose to $229 million, or 61 cents per share, in the fourth quarter ended June 30, from $94 million, or 25 cents per share, a year earlier.

Excluding items, the company earned 51 cents per share, beating analysts’ average estimate of 43 cents per share.

The New York City-based company’s net sales rose 9 percent to $2.89 billion. Analysts on average had expected $2.85 billion.



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