Companies and Brands
Estée Lauder Falls on Lowered Guidance, Avon Up on Reports of Another Bidder (EL, AVP)
Published:
Cosmetics maker The Estée Lauder Companies Inc. (NYSE: EL) reported results for its third fiscal quarter this morning that met expectations, but shares are getting knocked on lowered fourth quarter guidance. Adjusted EPS came in at $0.33, right on the consensus estimate, and revenues, too, hit the consensus estimate of $2.25 billion.
Rival Avon Products Inc. (NYSE: AVP) reported very weak results earlier this week as the company continues to fight a takeover bid from privately held Coty Inc. And Avon may have another suitor — there are reports that private equity firm Richmont Holdings Inc. is currently lining up financing to make its own bid for Avon.
Lauder lowered its fourth quarter adjusted EPS guidance to a range of $0.11-$0.16, well below the consensus estimate of $0.20. For the full year adjusted EPS guidance was forecast at $2.1-$2.26 versus a current estimate of $2.24.
Shares of Estée Lauder are down more than -4% in the pre-market at $61.49 in a 52-week range of $40.76-$65.60. Avon’s shares are up about 1.2% at $21.25 in a 52-week range of $16.09-$30.62. Avon rejected an offer from Coty for $23.25/share in early April.
Paul Ausick
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
