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Coty tops 1Q profit forecasts

Coty Inc. on Thursday reported fiscal first-quarter net income of $125.7 million. The results exceeded Wall Street expectations.
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  • Associated Press

NEW YORK, United States — Coty Inc. on Thursday reported fiscal first-quarter net income of $125.7 million.

On a per-share basis, the New York-based company said it had net income of 34 cents. Earnings, adjusted for restructuring costs and costs related to mergers and acquisitions, were 59 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

The beauty products company posted revenue of $1.11 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $1.12 billion.

Coty shares have climbed 45 percent since the beginning of the year. The stock has increased 78 percent in the last 12 months.

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