Coty: 2023-24 adjusted EPS down 30%

(CercleFinance.com) - On Tuesday evening, Coty reported 2023-24 (period ended June) adjusted net income from continuing operations that is down 29% to $323.
1m, i.e. EPS down 30% to $0.37. However, the company's adjusted EBITDA rose 12% to just over $1.09bn.

This slightly exceeded its target range of $1.08-1.09bn and resulted in a margin improvement of 30bp to 17.8%.

At $6.12bn, full-year sales rose 10% on a reported basis and 11% organically, at the top end of its 9%-11% forecast range, outperforming a global beauty market that grew by around 9%.

For the year ahead, Coty's forecasts are in line with its medium-term objectives, with adjusted EPS growth of 15%-20% to $0.54-$0.57, and adjusted EBITDA growth of 9%-11% to $1.186bn-1.208bn.


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