Cosmetics maker The Estee Lauder Companies Inc. ( EL ) on Thursday said its profit more than doubled from last year, boosted by higher sales and lower costs.
The New York-based company reported fiscal third quarter net income of $124.7 million, or 62 cents per share, compared with $57.5 million, or 28 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 71 cents per share.
Sales rose 16% from last year to $2.17 billion.
On average, Wall Street analysts expected a smaller profit of 57 cents per share, on lower revenue of $2.05 billion.
Looking ahead, the company raised its full-year earnings forecast to a range of $3.55 to $3.65 per share, up from a prior outlook of $3.40 to $3.60. Analysts currently expect a still-higher $3.66 per share for the year.
Estee Lauder shares rose $1.39, or +1.5%, in premarket trading Thursday.
The Bottom Line
Shares of Estee Lauder ( EL ) have a .78% dividend yield, based on last night's closing stock price of $95.81. The stock has technical support in the $87-$90 price area. The shares are trading near all-time highs and have little overhead resistance.
The Estee Lauder Companies Inc. ( EL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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