Estee Lauder Slashes FY24 Outlook - Update

(RTTNews) - While reporting financial results for the first quarter on Wednesday, Estee Lauder Cos., Inc. (EL) slashed its earnings, adjusted earnings and revenue growth guidance for the full-year 2024. The company also provided outlook for the second quarter, well below estimates.

For the second quarter, the company expects a loss in a range of $0.47 to $0.57 per share and adjusted earnings in a range of $0.48 to $0.58 per share, on reported net sales decline of 11 to 9 percent, with organic net sales decline of 10 to 8 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.25 per share on revenue of $4.76 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $2.08 to $2.35 per share and adjusted earnings in a range of $2.17 to $2.42 per share on reported net sales between an decline of 2 percent and increase 1 percent, with organic net sales between decrease of 1 percent and an increase of 2 percent.

Previously, the company expected earnings in the range of $3.43 to $3.70 per share and adjusted earnings in the range of $3.50 to $3.75 per share on reported net sales growth of 5 to 7 percent, with organic net sales growth of 6 to 8 percent.

The Street is looking for earnings of $3.62 per share on a sales growth of 5.60 percent to $16.82 billion for the year.

Separately, the company announced a quarterly dividend on the Company's Class A and Class B Common Stock of $0.66 per share, payable on December 15, 2023 to stockholders of record at the close of business on November 30, 2023.

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