UPDATE: Coty Q1 Earnings Meet Street View

Coty

reported in-line earnings for its fiscal first quarter. The New York-based company posted a quarterly profit of $10.6 million, or $0.03 per share, versus a year-ago profit of $93.5 million, or $0.24 per share. Excluding one-time items, the company's earnings came in flat at $0.28 per share. Its revenue also came in flat at $1.19 billion. However, analysts were expecting earnings of $0.28 per share on revenue of $1.19 billion. Coty's Americas revenue dropped around 4.5% to $447.3 million, while revenue for the EMEA region gained about 4.3% to $593.9 million. Revenue from Asia-Pacific came in mostly flat at $141.1 million. Revenue at its fragrances segment fell 2.7% to $640 million, while color cosmetics revenue jumped 10% to $344 million. Revenue at skin & body care segment fell 5% to $197 million. Adjusted operating income slipped to $167.1 million from $186.1 million, while adjusted gross margin narrowed to 59.6% from 59.9%. Net cash provided by operating activities dropped to $26.2 million from $101.2 million. Bart Becht, Chairman and interim CEO, said, "Q1 was a quarter of good strategic progress but mixed financial results. Our strategy of focusing on our power brands showed signs of progress, as power brands' revenues grew mid-single digits due to exciting innovations like Sally Hansen Miracle Gel or Marc Jacobs Daisy Dream as well as higher support levels.” Coty shares gained 2.56% to close at $17.23 yesterday.