Coty earnings beat estimates
Coty Inc. reported a fiscal fourth-quarter net loss of $31 million, or 9 cents per share, compared with $21 million, or 5 cents per share, for the same period last year. Adjusted earnings were 13 cents per share, beating the FactSet consensus of 6 cents per share. Revenue totaled $1.08 billion, down from $1.02 billion last year and beating the FactSet estimate of $1.05 billion. The company said Tuesday it is "well advanced" in its preparations for the P&G Beauty Brands merger, with office locations, structure and key staffing complete. Coty sees revenue returning to growth during the second half of fiscal 2017, excluding the impact of foreign currency. Coty shares are inactive in premarket trading, but up 16.1% for the year so far. The S&P 500 Index is up 7.2% for the same period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.