Cosmetics Company Estee Lauder Is Sliding Friday Morning - Here's Why
Portfolio Pulse from Shivani Kumaresan
Estee Lauder Companies Inc (NYSE:EL) shares fell after the company reported Q4 FY23 sales growth of 1% YoY to $3.61 billion, beating analyst consensus. However, the company's outlook was lackluster, with FY24 adjusted EPS forecasted at $3.50-$3.75, below the consensus of $4.83. Q1 FY24 revenue is expected to decline by 10%-12%.
August 18, 2023 | 12:16 pm
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Estee Lauder's Q4 results beat analyst consensus, but the company's outlook was disappointing, with FY24 EPS forecasted below consensus and Q1 FY24 revenue expected to decline. This led to a drop in the company's shares.
Estee Lauder's shares fell due to the company's disappointing outlook, despite beating Q4 analyst consensus. The company's FY24 EPS is forecasted to be below consensus, and Q1 FY24 revenue is expected to decline, which likely led to the negative investor sentiment.
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RELEVANCE 100