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Estee Lauder Reports Higher Q2 Profit, Revenue, Beats Market Expectations - Shares Rise Pre-Bell

· 02/05/2021 02:20

07:12 AM EST, 02/05/2021 (MT Newswires) -- Estee Lauder (EL) said premarket Friday that it booked fiscal Q2 adjusted earnings of $2.61 per share compared with $2.11 per share in the previous year.

Analysts polled by Capital IQ were expecting adjusted EPS of $1.69.

The cosmetics company reported sales of $4.85 billion, an increase from $4.62 billion last year. The CapIQ-compiled consensus estimate was for sales of $4.49 billion.

"We still expect to deliver sequentially improving sales growth each quarter for the remainder of fiscal 2021 as we continue driving recovery," said CEO Fabrizio Freda.

For Q3, Estee Lauder expects adjusted EPS of $1.10 to $1.20, which is below the Street forecast of $1.46. It also anticipates net sales to grow between 13% and 14%.

The company did not provide FY2021 outlook due to prevailing uncertainty caused by the pandemic.

Shares of Estee Lauder are up almost 2% ahead of the open on Friday.

Price: 258.00, Change: +4.95, Percent Change: +1.96