Estee Lauder Companies Inc EL shares are trading lower Tuesday after the company reported worse-than-expected top-line results and issued guidance below analyst estimates.
Estee Lauder said fiscal third-quarter revenue increased 10% year-over-year to $4.25 billion, which came in below the $4.31 billion estimate. The company reported quarterly adjusted earnings of $1.91 per share, which beat the estimate of $1.67 per share, according to data from Benzinga Pro.
Estee Lauder said it expects full-year net revenue to increase 7% to 9% year-over-year. The company cut its full-year adjusted earnings forecast to a range of $7.05 to $7.15 per share versus the estimate of $7.57 per share.
See Also: Morning Brief: Top Financial Stories Dominating on Tuesday, May 3
EL 52-Week Range: $248.42 - $374.20
The stock was down 9.83% at $235 at time of publication.
Photo: kinkates from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
