Published on 1 May 2024 on Zacks via Yahoo Finance
Estee Lauder (EL) Ups FY24 Profit View on Q3 Earnings Beat
The Estee Lauder Companies Inc. EL reported third-quarter fiscal 2024 results, with the top and the bottom line increasing year over year. Quarterly net sales and earnings surpassed the Zacks Consensus Estimate. Asia travel retail experienced a return to organic sales growth, as developed and emerging markets across Asia/Pacific, Europe, the Middle East & Africa (EMEA) and Latin America further contributed to the positive performance.Considering macroeconomic challenges — including softness in overall prestige beauty in mainland China and geopolitical volatility in certain regions — management is lowering its organic net sales outlook for the fiscal 2024. The company is increasing and tightening its adjusted earnings per share (EPS) outlook for the year.
Quarter in Detail
The company posted adjusted earnings of 97 cents per share, surpassing the Zacks Consensus Estimate of 48 cents. The bottom line increased significantly from earnings of 47 cents reported in the year-ago quarter. Adjusted EPS came in at $1.02 cents at constant currency or cc.