New York, May 07, 2024 - PRISM MarketView - The beauty product manufacturer Coty, Inc. (COTY) announced Q3 earnings yesterday, after the close. The company came in just shy on Q3 EPS $0.05 vs FactSet $0.06 but beat on revenues $1.39B vs FactSet 1.37B and adjusted EBITDA $199.9M vs FactSet $194.2M. The real beauty of its report was on FY guidance as Coty expects EPS to be at the high end of its prior range $0.44 – $0.47 vs FactSet $0.45.
Coty Reports Strong Results Ahead of Beauty Market, with Double-Digit Growth FYTD
NEW YORK, May 06, 2024--Coty Inc. (NYSE: COTY) (Paris:COTY) ("Coty" or "the Company") today announced its results for the third quarter of fiscal year 2024, ended March 31, 2024. The Company's strong above-market sales growth, reported and adjusted operating income growth, and reported and adjusted gross and operating margin expansion in Q3 solidifies nearly four years of Coty reporting results in-line to ahead of expectations.
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The company cited that the beauty market remains strong as demand for high-end fragrances continues to grow at double digit percentages and above historical levels. Mass beauty markets are steady at historical levels and growing at mid-single percentage. Coty shares saw a muted response however, despite share gains and market strength, due to the potential for a challenging 4Q24 as FX headwinds exiting the year may pose an obstacle.
The report overall showed positivity as many consumer names have come under pressure this earnings season. As Coty checks its reflection to see if it will be the fairest of them all, time will tell how the beauty segment fares while economic headwinds unravel. To follow additional emerging consumer names, follow the PRISM Consumer Products Index.
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