UPDATE: Coty Q4 Results Miss Street View

Coty

reported weaker-than-expected fiscal fourth-quarter results. The New York-based company posted a quarterly loss of $20.1 million, or $0.05 per share, versus a year-ago loss of $62.3 million, or $0.16 per share. Excluding one-time items, Coty earned $0.03 per share. Its revenue slipped 1.6% to $1.04 billion, while revenue dropped 2.9% in terms of constant currency rates. However, analysts were expecting earnings of $0.05 per share on revenue of $1.06 billion. Coty's Americas revenue dropped around 9% to $391.7 million, while revenue in the EMEA region rose around 7% to $533.2 million. Revenue at its fragrances segment rose to $494.2 million, while Color cosmetics revenue dropped 2.5% to $375.6 million. Adjusted operating income rose $4.4 million to $49.8 million in the quarter, versus $45.4 million. Net cash provided by operating activities fell to $93.4 million from $214.2 million. Michele Scannavini, CEO of Coty said, "In fiscal 2014 Coty made good progress on its strategic objectives by rapidly expanding its business in emerging markets and growing most of its power brands. As a result, the company enjoyed strong performance in EMEA and Asia Pacific, which was more than offset by revenues softness in North America, where our nail and fragrance businesses were impacted by market contraction, trade de-stocking and increased promotional and competitive pressure, mainly in the mass channel.” Coty shares fell 0.06% to close at $18.01 yesterday.