Estee Lauder Raises Fiscal 2007 View
Wednesday January 31, 8:22 am ET
Estee Lauder Ups Fiscal 2007 Earnings Outlook, Offers 3rd-Quarter Guidance
NEW YORK (AP) -- Cosmetics maker Estee Lauder Cos. raised its full-year outlook on Wednesday, citing strong earnings during the first half of the year.
For fiscal 2007, Estee Lauder now sees earnings from continuing operations between $2.10 and $2.20 per share, up from previous guidance of $2 to $2.10 per share.
Net sales are expected to grow between 6 percent and 7 percent, implying revenue between $6.85 billion and $6.91 billion.
Analysts polled by Thomson Financial predict profit of $2.09 per share on revenue of $6.87 billion.
Estee Lauder expects hair care and makeup sales to lead growth, and said it sees $30 million savings during the year from its cost controls program.
Shares rose $1.92, or 4.7 percent, to $43.25 in pre-market trading, having closed Tuesday at $41.33 on the NYSE.
For the third quarter, earnings are expected to be flat with last year's earnings of 28 cents per share, or 43 cents excluding items. Estee Lauder, which owns salon brands including Aveda and Bumble and Bumble, expects revenue to grow between 4 percent and 6 percent, implying revenue of $1.64 billion and $1.67 billion.
Analysts currently seek higher net income of 51 cents per share on revenue of $1.67 billion.
biz.yahoo.com |
