Estee Lauder (NYSE:EL) earnings for fiscal third quarter of 2020 have EL stock down on Friday. This comes after reporting adjusted earnings per share (EPS) of 86 cents on revenue of $3.35 billion. These are both better than Wall Street’s estimates of 73 cents per share and revenue of $3.05 billion.
Let’s take a more in-depth look at the fiscal Q3 Estee Lauder earnings report below.
- Adjusted per-share earnings are down 45% from $1.55 during the same time last year.
- Revenue is sitting 11% lower than the 3.74 billion reported in the fiscal third quarter of 2019.
- Operating income of $109 million is an 84% decline year-over-year from $674 million.
- The Estee Lauder earnings report also has net loss coming in at -$4 million.
- That’s a negative switch from the company’s net income of $555 million in the same period of the year prior.
Fabrizio Freda, president and CEO of Esteee Lauder, said this about the fiscal Q3 earnings:
“While the terrific double-digit momentum in sales growth from the first half of our fiscal year carried into January, the dynamics in the quarter changed significantly as COVID-19 spread beyond Asia. By early March, consumers around the world began social distancing which resulted in lower traffic in retail locations.”
Estee Lauder isn’t providing guidance details for fiscal 2020. Like many other companies, it’s withholding its outlook due to the novel coronavirus.
EL stock was down 2.1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.