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Estée Lauder Increases Quarterly Dividend 13%; Raises FY EPS Guidance

The Estée Lauder Companies Inc. (EL) announced an increase in the quarterly dividend on the company's Class A and Class B Common Stock to $0.43 per share, a 13% increase over the previous quarterly rate of $0.38 per share. The quarterly dividend will be payable on December 17, 2018 to stockholders of record at the close of business on November 30, 2018.

Additionally, the company's Board authorized the repurchase of up to another 40 million shares of Class A Common Stock, or about 11% of the total outstanding common stock. This increases the total authorization to 256 million shares, of which approximately 212 million have been repurchased to date. The company had a total of approximately 363 million common shares outstanding as of October 24, 2018.

Separately, Estée Lauder announced, for fiscal 2019, the company now expects, adjusted net earnings per common share to be between $4.73 and $4.82. Excluding items, net sales are forecasted to grow between 7% and 8%, at the high-end of the company's long-term growth goal of 6% to 8%.

For the second-quarter, adjusted net earnings per common share are projected to be between $1.47 and $1.50. Excluding items, net sales are expected to grow between 8% and 9%.

For the first-quarter, adjusted earnings per common share before the $0.06 impact of ASC 606 were $1.47, up 22% or 24% in constant currency. Excluding the impact of currency translation and the adoption of the new revenue recognition accounting standard, net sales increased 11%.

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