Coty (COTY) Tops Q3 EPS by 2c, Beat on Revenues

Coty (NYSE: COTY) reported Q3 EPS of $0.15, $0.02 better than the analyst estimate of $0.13. Revenue for the quarter came in at $2.03 billion versus the consensus estimate of $1.94 billion.

Third Quarter Fiscal 2017 Summary

• Net revenues of $2,032.1 million increased >100% as reported compared to Legacy-Coty net revenues in the prior-year period and increased 6% at constant currency compared to combined Legacy-Coty and P&G Beauty Business net revenues in the prior-year period
• Excluding the positive contribution from the acquisitions of ghd and Younique and one month of the Brazil Acquisition, the combined company net revenues declined 2% on a constant currency basis. This performance reflects the benefit of approximately 1% as a result of pre-shipments to customers in advance of the termination of transition services for North America under the Transition Services Agreement (\"TSA\"), which occurred on May 1
• Reported operating loss of $(192.5) million decreased from $23.0 million for Legacy-Coty in the prior-year period due to $213.5 million in restructuring and acquisition related charges
• Adjusted operating income of $208.3 million increased >100% from $102.6 million for Legacy-Coty in the prior-year period
• Reported net income of $(164.2) million decreased from $(26.8) million for Legacy-Coty in the prior-year period, as Coty initiated its cost savings program with $213.5 million in pre-tax restructuring and acquisition related charges, while adjusted net income of $110.3 million increased from $47.8 million for Legacy-Coty in the prior-year period
• Reported earnings per diluted share of $(0.22) decreased from $(0.08) for Legacy-Coty in the prior-year period, while adjusted earnings per diluted share of $0.15 increased from $0.14 for Legacy-Coty in the prior-year period
• Net cash provided by operating activities was $43.3 million compared to $(71.8) million in the prior-year period for Legacy-Coty, reflecting improved working capital for the combined company

For earnings history and earnings-related data on Coty (COTY) click here.

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