Coty Inc. Raises FY22 Adj. Earnings Guidance

Coty Inc. (COTY) has increased its fiscal 2022 adjusted EPS guidance to $0.23-0.27, up from the company's prior guidance range of $0.22-0.26. Coty continues to expect adjusted EBITDA of $900 million, for the fiscal year. The company continues to expect like-for-like sales will be at the upper end of its guidance range of low-to-mid teens percentage growth.

Third quarter adjusted EPS was $0.03 compared to $0.01, last year. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.01, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $182.5 million, stable year-on-year.

Reported net income was $49.6 million compared to a net loss of $1.2 million, last year. Earnings per share was $0.06 compared to breakeven per share.

Third quarter sales were $1.19 billion, up 15% as reported and 19% on an LFL basis, ahead of its prior guidance of mid-teens LFL growth. The company noted that its sales were driven by strong results in both Prestige and Consumer Beauty, with overall revenue growth inline with sell-out performance. Analysts on average had estimated $1.15 billion in revenue.

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