Estee Lauder's stock soars after big earnings beat, raised outlook
Shares of Estee Lauder Companies soared 8.7% in premarket trade Tuesday, after the beauty products company reported a big fiscal second-quarter earnings beat and raised its full-year outlook. Net income for the quarter to Dec. 31 rose to $573 million, or $1.55 a share, from $123 million, or 33 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.86, above the FactSet consensus of $1.55. Sales increased 7% to $4.01 billion, above the FactSet consensus of $3.92 billion, as better-than-expected skin care and hair care sales offset slight misses in makeup and fragrance. For fiscal 2019, the company raised its adjusted EPS guidance range to $4.92 to $5.00 from $4.73 to $4.82 and its sales growth outlook to 5% to 6% from 4% to 5%. The stock has lost 4.0% over the past three months through Monday, while the S&P 500 has slipped 0.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.