Estee Lauder Companies Inc (NYSE:EL) shares are trading lower Tuesday after the company reported worse-than-expected top-line results and issued guidance below analyst estimates.
Estee Lauder said fiscal third-quarter revenue increased 10% year-over-year to $4.25 billion, which came in below the $4.31 billion estimate. The company reported quarterly adjusted earnings of $1.91 per share, which beat the estimate of $1.67 per share, according to data from Benzinga Pro.
Estee Lauder said it expects full-year net revenue to increase 7% to 9% year-over-year. The company cut its full-year adjusted earnings forecast to a range of $7.05 to $7.15 per share versus the estimate of $7.57 per share.
See Also: Morning Brief: Top Financial Stories Dominating on Tuesday, May 3
EL 52-Week Range: $248.42 - $374.20
The stock was down 9.83% at $235 at time of publication.
Photo: kinkates from Pixabay.
