Estee Lauder Companies Inc EL navigated a tough Chinese and Hong Kong market to beat analyst expectations for revenue and earnings in a second-quarter report released Friday morning.
However, the company issued a lower guidance for the third quarter, citing " volatility and economic challenges [that] are slowing the pace of market growth in Hong Kong, China and several emerging markets."
The company issued a third-quarter guidance of $0.53 to $0.58 excluding restructuring charges, short of analyst expectation of $0.76. Despite the earnings guidance, the company expects sales to increase 6 to 7 percent in constant currency next quarter.
The cosmetics leader posted $3.124 billion in second-quarter revenue and diluted EPS excluding restructuring charges of $1.22. With charges, earnings were $1.19. All three figures beat expectations of $3.08 billion and $1.11 EPS.
Estee Lauder shares sat at $87.07 before market open Friday.
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