Estee Lauder soars on robust annual profit forecast
BUZZ-Estee Lauder soars on robust annual profit forecast Updates
** Shares of cosmetics maker Estee Lauder EL.N climb as much as 18.45% to $99.82
** Stock set for its best day since November 2011, if gains hold, as results and forecast signal CEO's turnaround strategy taking root
** Forecasts annual profit largely above Wall Street estimates, betting on sustained spending on higher-end fragrances and strong performance in key markets
** Expects 2027 adjusted EPS in the range of $3.10 to $3.35, midpoint of which is above analysts' average estimate of $3.18 - data compiled by LSEG
** "We believe that the worst is in the past for EL and that a steady recovery is underway," says RBC analyst Nik Modi
** Logs Q4 net sales of $3.63 billion vs est of $3.54 billion
** Reports quarterly adjusted EPS of 39 cents vs expectations of 32 cents
** "Beauty remains a resilient sector for luxury since it is more broadly accessible and strongly tied with self-care, which is stickier for consumers even as they trade down in other areas," says Sky Canaves, analyst at eMarketer
** YTD, as of last close, stock down about 20%
(Reporting by Sanskriti Shekhar in Bengaluru)