Beauty company reports a surprise Q1 profit but Q2 profit will be less than half what is forecast
Shares of Estée Lauder Companies Inc. plunged toward a six-year low Wednesday after the beauty-products company reported a surprise fiscal first-quarter profit but provided a second-quarter outlook that was well below expectations and slashed its full-year forecast.
The stock EL, +0.70% sank 17.6% in premarket trading, putting it on track to open at the lowest price seen during regular-session hours since Sept. 28, 2017. It was also headed for the biggest one-day selloff since going public in November 1995, compared with the current record drop of 17.3% on May 3, 2023.
Excluding nonrecurring items, adjusted earnings per share came to 11 cents, compared with the FactSet consensus for a per-share loss of 21 cents.Skin care sales sank 22% to $1.64 billion, missing the FactSet consensus of $1.71 billion, while makeup sales grew 1% to $1.06 billion, beating expectations of $1.02 billion.
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