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Coty shares drop after the beauty products firm’s fourth-quarter earnings miss forecasts

The Rimmel make-up to Wella haircare group reported a net loss of US$304.8mln, or 41 US cents per share, wider than a loss of US$31.0mln, or 9 US cents per share posted a year earlier, with adjusted EPS at breakeven, below the 9 US cent consensus forecast

Make-up
The loss was recorded despite revenue for the quarter more than doubling to US$2.24bn, up from US$1.08bn last year, and ahead of the US$2.17bn consensus estimate

Coty Inc. (NYSE:COTY) saw its shares drop nearly 8% in pre-market trading after the firm’s fourth-quarter earnings missed forecasts, reflecting increased marketing spend and the costs of integrating Proctor & Gamble Inc’s (NYSE:PG) beauty business, acquired last year.

The Rimmel make-up to Wella haircare group reported a net loss of US$304.8mln, or 41 US cents per share, wider than a loss of US$31.0mln, or 9 US cents per share posted a year earlier, with adjusted EPS at breakeven, below the 9 US cent consensus forecast.

The loss was recorded despite revenue for the quarter more than doubling to US$2.24bn, up from US$1.08bn last year, and ahead of the US$2.17bn consensus estimate.

Coty shares were down 7.4% to US$18.10 in pre-market trading.

Quick facts: Coty

Price: 2.98 USD

NYSE:COTY
Market: NYSE
Market Cap: $2.28 billion
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