Coty Inc Stock Soars on Q1 Earnings Beat

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Coty Inc (NYSE:COTY) stock was up on Thursday following the release of its earnings report for its fiscal first quarter of 2018.

Coty Inc Stock Soars on Q1 Earnings Beat

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During its fiscal first quarter of the year, Coty Inc reported earnings per share of 10 cents. This is down from its earnings per share of 23 cents from the same time last year. However, it was still a boon to COTY stock by beating out Wall Street’s earnings per share estimate of 7 cents for the quarter.

Coty Inc reported operating income of $28.70 million for its fiscal first quarter of 2018. This is a drop from its operating income of $46.40 million from the same period of the year prior.

Net loss reported by Coty Inc in its fiscal first quarter of the year was $16.10 million. The company reported net income of $9.80 million during the same quarter of the previous year.

COTY stock also likely got a boost today from its revenue of $2.40 billion for its fiscal first quarter of 2018. The beauty company reported revenue of $1.08 million in its fiscal first quarter of 2017. Analysts were expecting Coty Inc to report revenue of $2.24 billion in its fiscal second quarter of the year.

Coty Inc’s revenue for the fiscal first quarter of 2018 was fueled in part by strong growth in its Luxury segment. Luxury revenue was $764.40 million in the fiscal first quarter of the year. This is a 70% increase from Luxury revenue of $449.00 million in the fiscal first quarter of the prior year.

COTY stock was up 18% as of Thursday morning, but is down 6% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/11/coty-stock-soars-on-earnings-beat/.

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