Coty beats by $0.01, beats on revs; announced $700 mln share repurchase authorization (28.72)
Reports Q4 (Jun) earnings of $0.08 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues fell 2.2% year/year to $1.02 bln vs the $996.1 mln consensus.
- The Company is targeting modest improvement in total like-for-like net revenue coupled with continued strong growth in profitability behind its efficiency programs.
- The Company is now aiming to deliver annual savings of $270 million by fiscal year 2017. The anticipated pre-tax charges associated with the Program remained unchanged at $250 to $300 million.
- Co also announced a $700 million share repurchase authorization