Shares of the cosmetic company The Estee Lauder Companies Inc. (EL) dropped $10.49 or 5.01% on Monday before closing at $198.78. The news of coronavirus spreading to more countries including South Korea, other than China, had driven the stocks down yesterday with the Dow Jones Industrial Average closing down 1,031 points.
Estee Lauder stock has traded in the range of $152.99- $220.42 in the last one year.
On February 6, Estee Lauder had reported better-than-expected second-quarter earnings. Full-year guidance, however, was lowered by the company to include the negative impact related to coronavirus.
The company expects that the third quarter could be the most impacted by the coronavirus with sales declining from the prior-year period.
Full-year earnings per common share are currently projected to be between $5.60 and $5.70 and sales growth to be in the range of 6%- 8%. Earlier, the company had forecast full-year 2020 earnings per share between $5.85 and $5.93 and full-year sales growth of 10%- 12%. Analysts see earnings of $5.71 per share on sales growth of $7.2%.
Net earnings in the second quarter were $557 million or $1.52 per share compared with $573 million or $1.55 per share last year. Excluding items, adjusted EPS of $2.11 beat average estimates of analysts polled by Thomson Reuters at $1.9.
Net sales increased 15% year-over-year to $4.62 billion.
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