Coty beats by $0.09, beats on revs
- Reports Q2 (Dec) earnings of $0.32 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.23; revenues rose 14.8% year/year to $2.64 bln vs the $2.48 bln Capital IQ Consensus.
- Gross margin of 61.1% was flat as compared to the prior year, while adjusted gross margin declined to 61.6% from 63.6%, primarily attributable to positive momentum in our emerging market Consumer Beauty business as well as favorable items following the P&G Beauty acquisition in the prior year.
- "Based on the much improved results to date, we have refined our revenue growth objectives for the remainder of the fiscal year. While revenue recovery will not be a straight line, we now aim to deliver positive but modest net revenue growth for the second half of the year. For margin, we continue to aim for a healthy improvement in the second half of the year versus the prior year, with most of the impact coming in Q4, as we continue to deliver on our merger synergies.
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