Estee Lauder Cos., Inc. released their third quarter financial results where they revised downwards their projected earnings, adjusted earnings and revenue growth for the full year 2024. They also provided a fourth quarter outlook that was significantly below initial estimates.
For the upcoming quarter, the company forecasts a per-share loss that could be anywhere between $0.11 to $0.22. It also expects an adjusted per share earnings of about $0.18 to $0.28. Estee Lauder projects a reported net sales growth between 5 to 9 percent, with an organic net sales growth ranging from 6 to 10 percent.
On the other hand, analysts, based on data sourced from Thompson Reuters, anticipate the company's earnings to stand at $0.76 per share with revenue growth at 12.7 percent, bringing it to a projected $4.09 billion. It's worth noting that these estimates typically do not take into account any special items.
Looking further ahead into fiscal 2024, Estee Lauder estimates its earnings to range between $1.96 to $2.09 per share with adjusted earnings in the region of $2.14 to $2.24 per share. It also projects a reported net sales drop of 3 to 2 percent, with an organic net sales decline of 2 to 1 percent.
By contrast, Estee Lauder's previous earnings projections stood at a range of $2.04 to $2.20 per share and adjusted earnings within $2.08 to $2.23 per share. The previous estimated range of reported and organic net sales fluctuated between a 1 percent decrease and a 1 percent growth.
Meanwhile, market observers are predicting earnings of $2.25 per share and foresee a sales decline of 0.80 percent, summing up to roughly $15.81 billion for the year.
In other news, Estee Lauder declared a quarterly dividend of $0.66 per share for its Class A and Class B Common Stock. This is payable on June 17, 2024 to stockholders recorded on the books at the close of business on May 31, 2024.
