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Coty Trades Higher On Q4 Sales Beat

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Coty (NYSE: COTY) reported fourth-quarter earnings of 16 cents per share, which met the analyst consensus estimate. This is a 14.29% increase over earnings of 14 cents per share from the same period last year.

The company reported quarterly sales of $2.115 billion, which beat the analyst consensus estimate of $2.11 billion by 0.24%. This is a 8% decrease over sales of $2.299 billion the same period last year.

"2019 is the beginning of a new phase in Coty's journey, but I am pleased to start delivering against the targets we shared with you in February, with FY19 adjusted EPS of 65 cents, constant currency adjusted operating income of $992 million, and solid cash flow generation,” said CEO Pierre Laubies.

“We are now fully engaged in FY20. Our Turnaround Plan focuses on reshaping and simplifying our beauty business to generate fuel for growth and leverage the potential of our Consumer Beauty brands, while continuing to improve growth and margins in our luxury and professional beauty divisions. Our plan will deliver gradually, but we expect dynamics to start changing as soon as this upcoming year, as reflected in our targets for FY20."

Coty shares were trading up 6.82% at $9.40 in Wednesday’s pre-market session. The stock has a 52-week high of $14.14 and a 52-week low of $5.91.

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