Coty stock was nosediving on Wednesday following the release of its most recent earnings report.
Coty (NYSE:COTY) notes that revenue during during its fiscal first quarter of 2019 came in at $2.03 billion. This is a drop from the company’s revenue of $2.24 billion reported in its fiscal first quarter of 2018. It also fails to meet Wall Street’s revenue estimate of $2.17 billion for the period, making it bad news for Coty stock.
According to Coty, the decline in revenue for its fiscal first quarter of 2019 was partially due to “several temporary supply chain-related headwinds.” These headwinds include disruptions to warehouse and planning center consolidation in the U.S. and Europe. It also notes that supply issues from external suppliers, as well as Hurricane Florence, had a negative effect of its supply chain during the quarter.
Coty also reported earnings per share of 11 cents for its fiscal first quarter of 2019. This is better than the company’s earnings per share of 10 cents from the same time last year. It also beat out analysts’ earnings per share estimate of 8 cents for the quarter, but wasn’t able to keep Coty stock from falling today.
Net loss reported by Coty for its fiscal first quarter of 2019 came in at $12.10 million. The multinational beauty company’s net loss from its fiscal third quarter of the previous year was $19.70 million.
COTY stock was down 21% as of noon Wednesday and is down 43% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.