By RTT News, September 17, 2013, 06:24:00 AM EDT
(RTTNews.com) - Coty Inc. ( COTY ) reported that its fourth-quarter net loss attributable to the company narrowed to $62.3 million or $0.16 per share, from $357.3 million or $0.95 per share in the same quarter last year. The prior year results included asset impairment charges of $473.9 million.
Adjusted net income attributable to the company was $9.9 million, compared to a loss of $2.3 million in the prior-year period. Adjusted net earnings per share was $0.03 compared to a loss of $0.01 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted operating income increased to $45.4 million from $11.6 million in the previous year. Adjusted operating margin increased 320 basis points to 4.3% compared to 1.1%, primarily reflecting lower SG&A expense, partially offset by a decrease in gross margin.
Net revenues for the quarter rose to $1.059 billion from $1.023 billion in the prior year quarter. Seven analysts had consensus revenue estimate of $1.05 billion for the quarter.
The company estimates net revenues in the first quarter of fiscal 2014 to marginally decline versus the prior year period. The company expects to return over the course of the fiscal year to its long term target to grow in line or faster than the markets and segments where it competes, when trade inventory is expected to normalize and the Company's new investments in emerging markets will start to show positive impact on its growth.
The company noted that it will pay an annual dividend of $0.20 per share of the Company's Class A and Class B Common Stock on October 31, 2013 to stockholders of record at the close of business on October 11, 2013.
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