Hair care brand Olaplex surges on Q3 results beat

Olaplex Holdings

07/11/2023 15:35

(Updates)
    ** Shares of Olaplex Holdings  OLPX.O  soar 34.20% at $1.85,
co's biggest pct gain on record 
    ** OLPX reports Q3 sales of $123.555 mln, beating analysts
average estimate of $115.7 mln - LSEG
    ** Co posts third-quarter adj. EPS of $0.05 vs estimates of
$0.04 per share     
    ** Olaplex tightens full-year forecast; now sees 2023
revenue in range of $450 mln-$460 mln, compared with its prior
forecast of $445 mln-$465 mln
    ** Expects adjusted net income of $100 mln-$108 mln vs. $96
mln-$108 mln previously projected 
    ** "...the business has faced several headwinds over the
past year, including our own execution in the face of increased
competition,"- CEO John Bilbrey on OLPX's earnings call
    ** Up to last close, stock had fallen 73.5% YTD

 (Reporting by Juby Babu in Bengaluru)
 ((Juby.Babu@thomsonreuters.com;))