COTY Stock Skyrockets on Q2 Earnings Beat
COTY stock got a boost on Friday after releasing its earnings report for its fiscal second quarter of 2019.
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During its fiscal second quarter of the year, Coty (NYSE:COTY) reported earnings per share of 24 cents. This is down from its earnings per share of 32 cents from its fiscal second quarter of 2018. However, it was still good news for COTY stock by beating out Wall Street’s earnings per share estimate of 22 cents for the period.
Net loss reported by Coty for its fiscal second quarter of 2019 comes in at $956 million. This is a drop from the company’s net income of $118.60 million reported in the same period of the year prior.
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Coty also reported an operating loss of $804.60 million for its fiscal second quarter of the year. The makeup and beauty company’s operating income for its fiscal second quarter of the previous year was $175.20 million.
The most recent Coty earnings has the company reporting revenue of $2.51 billion. This is a decrease from the company’s revenue of $2.64 billion that was reported during the same time last year. Despite the decline, this is still a boon for COTY stock by coming in above analysts’ revenue estimate of $2.47 billion for the quarter.
Coty notes that it is expecting profit trend recovery to take place during the second half of its fiscal 2019. However, it is still expecting constant currency adjusted operating income to come in below fiscal 2018’s. It is also estimating positive free cash flow for fiscal 2019.
COTY stock was up 26% as of Friday morning.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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