Cosmetic manufacturer Estee Lauder (NYSE:EL) announced that earnings for its fiscal third quarter rose to $130.4 million, up 5% from $124.7 million during the same period last year.
Excluding restructuring charges, the company posted EPS of 38 cents, beating analysts’ forecasts of 33 cents, CBS said.
However, the company predicted that EPS during the fourth quarter would be between 11 cents and 16 cents, which disappointed analysts, who had forecast EPS of 21 cents. That sent EL shares tumbling, down more than 5% in late Friday trading.
The company’s sales rose 4% to $2.25 billion during the third quarter, compared to $2.17 billion last year, meeting analysts’ predictions.
Sales in the Americas grew 5% during the quarter, driven by strong U.S. growth. Elsewhere, Europe, the Middle East and Africa posted 4% sales increases during the third quarter. Asia sales inched up 2%.
Estee Lauder raised its EPS guidance for the fiscal year from $2.16 to $2.23, to a range of $2.21 to $2.26, and said it expects revenue to increase 10% compared to the last fiscal year.
Analysts are forecasting EPS of $2.26 for the year.