Estee Lauder Slashes FY24 Outlook - Update
(RTTNews) - While reporting financial results for the third quarter on Wednesday, Estee Lauder Cos., Inc. (EL) slashed its earnings, adjusted earnings and revenue growth guidance for the full-year 2024. The company also provided outlook for the fourth quarter, well below estimates.
For the fourth quarter, the company expects a loss in a range of $0.11 to $0.22 per share and adjusted earnings in a range of $0.18 to $0.28 per share, on reported net sales growth 5 to 9 percent, with organic net sales growth of 6 to 10 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.76 per share on revenue growth of 12.7 percent to $4.09 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects earnings in a range of $1.96 to $2.09 per share and adjusted earnings in a range of $2.14 to $2.24 per share on reported net sales decline of 3 to 2 percent, with organic net sales decline of 2 to 1 percent.
Previously, the company expected earnings in the range of $2.04 to $2.20 per share and adjusted earnings in the range of $2.08 to $2.23 per share on reported and organic net sales between a decline of 1 percent and growth of 1 percent.
The Street is looking for earnings of $2.25 per share on a sales decline of 0.80 percent to $15.81 billion for the year.
Separately, the company announced a quarterly dividend on the Company's Class A and Class B Common Stock of $0.66 per share, payable on June 17, 2024 to stockholders of record at the close of business on May 31, 2024.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Estee Lauder Guides Q1, FY25 Well Below Estimates As Q2 Adj. EPS Misses View
Estee Lauder Slashes FY24 Outlook - Update
Estee Lauder Guides FY24 Well Above Estimates - Update
Estee Lauder Slashes FY23 Earnings Outlook - Update
Estée Lauder Slashes FY23 Outlook; Boosts Dividend 10% - Update
Bay Street Looks Headed For Weak Start
Wall Street May Open Slightly Weak
