Estée Lauder Slashes FY23 Outlook; Boosts Dividend 10% - Update

(RTTNews) - While reporting financial results for the first quarter on Wednesday, Estée Lauder Cos., Inc. (EL) initiated earnings and sales growth guidance for the second quarter and slashed its forecast for the full-year 2023.

For the second quarter, the company expects earnings in a range of $1.14 to $1.26 per share and adjusted earnings in a range of $1.19 to $1.29 per share on reported net sales decline of 19 to 17 percent, with a decline of 11 to 9 percent on a constant currency basis.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.81 per share on revenues of $5.38 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects earnings in a range of $7.04 to $7.26 per share and adjusted earnings in a range of $7.23 to $7.38 per share on reported net sales decline of 8 to 6 percent, with organic net sales between flat and growth of 2 percent.

Previously, the company expected earnings in a range of $7.11 to $7.33 per share and adjusted earnings in a range of $7.39 to $7.54 per share on reported net sales growth of 3 to 5 percent, with organic net sales growth of 7 to 9 percent.

The Street is looking for earnings of $7.39 per share on a sales growth of 1.9 percent to $18.08 billion for the year.

Separately, the company announced a 10 percent higher quarterly dividend on the Company's Class A and Class B Common Stock of $0.66 per share, payable on December 15, 2022 to stockholders of record at the close of business on November 30, 2022.

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