Coty Sees FY24 LFL Revenue Growth Of + 9%-11%, Ahead Of Its Recently Raised Guidance Of + 8%-10%; For 1H FY24, Coty Now Expects LFL Revenue Growth Of + 11%-13%, An Increase From Its Previous Outlook Of + 10%-12%
Portfolio Pulse from Benzinga Newsdesk
Coty has raised its FY24 LFL revenue growth forecast to 9%-11%, up from the previous 8%-10%. The company also expects 1H FY24 LFL revenue growth of 11%-13%, an increase from the previous 10%-12%. Coty is targeting FY24 adjusted EBITDA margin expansion of 10-30 bps on the stronger revenue outlook. The company now sees FY24 adjusted EBITDA of $1,080-1,090M, above its recently raised EBITDA outlook of $1,075-1,085M. Coty plans to execute a 27 million share buyback in Q3 via its first equity swap and a 23 million buyback in FY25 via its second equity swap.

November 07, 2023 | 9:51 pm
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Coty has raised its FY24 LFL revenue growth forecast and plans to execute a significant share buyback. This indicates a positive outlook for the company's performance.
Coty's raised revenue growth forecast and planned share buyback indicate a positive outlook for the company's performance. This could potentially lead to an increase in the company's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100