Coty drops, co withdraws full-year guidance under new CEO
05/02/2026 23:11
Updates ** Shares of Covergirl parent Coty COTY.N down 17% at $2.61 after the bell ** Co withdraws full-year forecast with new interim CEO Markus Strobel calling for improved discipline and execution to turn around sluggish financial performance ** Expects Q3 adjusted EBITDA to fall to $100 million-$110 million, below analysts' average forecast of $201.6 million, per data compiled by LSEG ** Sees Q3 revenue declining by a mid-single-digit percentage, compared to analysts' average estimate of a 2.9% rise ** Posts Q2 revenue of $1.68 billion vs estimates of $1.66 billion ** Stock fell 55% in 2025 (Reporting by Koyena Das in Bengaluru) ((koyena.das@thomsonreuters.com))