Here's Why Shares Of Coty Surged On Thursday

Shares of

were trading higher by more than 12 percent on Thursday after the company reported its

Coty said that it earned $0.38 per share in the second quarter on revenue of $1.21 billion. Wall Street analysts were expecting the company to earn $0.35 per share on revenue of $1.20 billion. Adjusted net income for the quarter fell to $135.8 million from $163.2 million in the same quarter a year ago as the company benefited from a favorable tax settlement of $32.5 million a year ago. "Our efforts right now are all about creating a very healthy platform for Coty to become a strong global leader and challenger in the Beauty industry that we aim for it to be," Bart Becht, Chairman and Interim CEO said. "This quarter, we made great progress on that objective, both on the merger & acquisition front and the underlying Coty business side." Coty also

that its Board of Directors approved a $500 million share repurchase authorization of its common stock. "We are pleased that Coty's strong balance sheet and cash flow enable us to return value to shareholders through our annual dividend and share repurchases, while at the same time continuing to invest in the business and to pursue acquisition opportunities. Today's announcement builds upon our continuing commitment to our shareholders," stated Patrice de Talhouët, Coty Executive Vice President and Chief Financial Officer.