Estee Lauder Companies Inc (NYSE:EL) saw its shares edge higher in premarket trade after the company gave an upbeat outlook and its first quarter results beat market expectations.
The make-up and skincare company said in a statement on Wednesday that net income for the quarter to September 30 rose to US$427mln, or US$1.14 a share, from US$294mln, or 79 US cents a share, year-on-year.
READ: Estée Lauder zips higher as quarterly results and full-year profit guidance top estimates
The latest quarter includes a benefit of 6 US cents a share for the adoption of a new accounting pronouncement, and a 7 US cents per share charge for restructuring.
Its revenue shot up by 14% to US$3.27bn from US$2.87bn, coming above market consensus for US$3.16bn, boosted by its largest divisions, skin care and make-up both recording above expectations sales.
Estee Lauder has also outlined full year fiscal 2018 revenue guidance at 10-11% growth from the previous year, soundly beating analysts’ consensus for revenue of US$12.87bn which gives an 8.8% increase over 2017.
Earnings per share, excluding non-recurring charges, is expected to come in at US$4.04 to US$4.12, against market consensus of US$4.21.
In premarket, its shares were up 6.88% at US$119.50.