Coty (NYSE:COTY) earnings for the beauty products company’s fiscal second quarter of 2020 have COTY stock taking off on Wednesday. That’s thanks to its adjusted EPS of 27 cents, which is above Wall Street’s estimate of 24 cents. Revenue of $2.35 billion also just beats out analysts’ estimates of $2.34 billion.
Now for a more in-depth look at the most recent Coty earnings report.
- Adjusted per-share earnings are up 12.50% from 24 cents in the fiscal second quarter of 2019.
- Revenue comes in 6.37% lower than the $2.51 billion reported during the same time last year.
- Operating income of $35.40 million is a major improvement over an operating loss of -$804.60 million in fiscal Q2 2019.
- The Coty earnings report also has net loss coming in at -$16.40 million.
- That’s a 98.29% improvement over the company’s net loss of -$956.00 million from the same period of the year prior.
Pierre Laubies, CEO of Coty, says this about the COTY stock earnings report.
“Our turnaround plan has now been underway for two quarters, and we are confident that the actions we are taking will build a much healthier business and growth. We saw momentum across many of our priority Luxury brands, including Burberry, Gucci, Tiffany and Hugo Boss, while continuing to grow our footprint in Luxury color cosmetics.”
The Coty earnings report also includes an outlook for fiscal 2020. This has it expecting adjusted earnings per share growth in the mid to single digits. It’s also looking for revenue to be stable or slightly lower than in fiscal 2019.
COTY stock was up 12.92% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.