Estee Lauder Cos Inc estimated quarterly earnings way short of Wall Street forecasts as the cosmetics company announced it suffered due to foreign exchange rates and would boost investments in advertising, sending its shares lower almost 7%.
The manufacturer of Bobbi Brown, MAC and other cosmetics announced on Friday that it projected to earn between 27 cents and 31 cents per share this quarter and that it would take costs of almost $7 million, or nearly 1 cent per share, during that time.
In accordance with Thomson Reuters I/B/E/S, analysts on average were predicting the company to make 41 cents per share in earnings.
For the Q2 closed December 31, the company announced a higher profit as solid demand for its makeup and skin-care products boosted sales.
Net income increased to $396.7 million, or $1.00 per share, against $343.9 million, or 86 cents per share, a year previously
Not including special objects, the profit of $1.01 per share was in line with the analysts' average estimate.
The Estee Lauder Companies Inc (NYSE:EL)’s stock after opening at $55.50 hit high price of $58.34 and then trade at $57.63 by plunging -2.04%.
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