Coty misses by $0.01, beats on revs; issues upside FY24 EPS guidance
- Reports Q3 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.01 worse than the FactSet Consensus of $0.06; revenues rose 7.5% year/year to $1.39 bln vs the $1.37 bln FactSet Consensus.
- Co issues upside guidance for FY24, sees EPS at high end of $0.44-$0.47 range, excluding non-recurring items, vs. $0.45 FactSet Consensus.
- The company now expects FY24 LFL revenue growth to be at the high end of its prior guidance range of +9-11%, which includes expectations for low-to-mid single-digit percentage LFL revenue growth in Q4 reflecting an estimated mid-single-digit percentage headwind in its Prestige business from difficult prior year comparisons, when retailers restocked inventory as Coty's fragrance service levels recovered from earlier shortages.
- Reported revenues in Q4 are expected to include a 1-2% headwind from FX and an approximately 2% scope headwind from the divestiture of the Lacoste license.