Coty Misses First-Quarter Forecasts

NEW YORK, United States — Coty Inc. (COTY) on Wednesday reported break-even earnings in its fiscal first quarter.

The New York-based company said it had profit that was less than 1 cent on a per-share basis. Earnings, adjusted for one-time gains and costs, were 23 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The beauty products company posted revenue of $1.08 billion in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.14 billion.

Coty shares have decreased 15 percent since the beginning of the year. The stock has fallen 23 percent in the last 12 months.

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