Estee Lauder Companies Inc. (EL) reported second-quarter net earnings attributable to the company were $256.2 million, compared to $158.0 million last year. Net earnings per common share rose 60% to $1.28, compared with $.80 reported in the prior year.
For the second quarter, the Company had net sales of $2.26 billion, an 11% increase compared with $2.04 billion reported in the prior-year period. Excluding the impact of foreign currency translation, net sales increased 6% from the year-ago period.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share on revenues of $2.24 billion for the quarter. Analysts' estimates typically exclude special items.
For the third Quarter, Net sales are expected to increase between 4% and 7% in constant currency. Net earnings per share including charges associated with restructuring activities are projected to be between $0.17 and $0.27. Net earnings per share before charges associated with restructuring activities are projected to be between $0.20 and $0.30. Analysts expect the company to report earnings of $0.28 per share on revenues of $1.85 billion for the third-quarter.
For fiscal 2010, the Company projects net earnings per share, including charges associated with restructuring activities, to be between $2.26 and $2.53.
Net earnings per share before charges associated with restructuring activities for fiscal 2010 are now projected to be between $2.55 and $2.73. previously, the company had expected adjusted earnings forecast to a range of $1.95 and $2.10.
For fiscal 2010, Net sales are now forecasted to grow between 3% and 5% in constant currency, earlier, the company had expected net sales to be grow between 0% and 2% in constant currency. Analysts expect the company to report earnings of $2.59 per share on revenues of $7.78 billion for fiscal 2010.
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