NEW YORK — Inter Parfums Inc. said Wednesday that sales and profits increased during the third quarter due to strength in its Gap, Banana Republic, Roxy, Paul Smith and Van Cleef & Arpels fragrance businesses.
The firm, based here, reported net income of $5.7 million in the quarter ended Sept. 30, a 21.9 percent increase from $4.6 million in the same period a year ago. The company earned 27 cents a diluted share, compared with 23 cents a share last year, surpassing Wall Street estimates of 26 cents a share for the most recent quarter, according to Yahoo Finance.
Quarterly revenues were $102.3 million, a 14.1 percent increase from $89.7 million in the prior year.
The firm's European sales weighed in at $88.1 million, up 15.8 percent compared with $76.1 million last year. "The launches of the Roxy and Paul Smith Rose fragrances and the increasing contribution of Van Cleef & Arpels fragrances factored into the [European] sales increase," Jean Madar, chairman and chief executive officer of Inter Parfums, said in a statement.
In the U.S., where sales were up 4 percent to $14.2 million from $13.6 million last year, expanded distribution of Gap products, as well as new Gap and Banana Republic product launches, drove revenues.
For the first nine months of the year, earnings increased by 24 percent to $15.2 million, or 74 cents, from $12.3 million, or 60 cents, a year ago. Sales were up 17 percent to $270.2 million, from $230.9 million last year.
Inter Parfums reaffirmed guidance for full-year 2007 sales of $378 million, earnings of $21.5 million and diluted earnings per share at $1.04. — Matthew W. Evans
Symrise Earnings Vault in Quarter
PARIS — Flavors and fragrances supplier Symrise reported Wednesday third-quarter 2007 net income spiked 780 percent to 31.7 million euros, or $43.6 million at average exchange, from 3.6 million euros, or $4.6 million, in the same prior-year period.
The Holzminden, Germany-based firm's earnings before interest, taxes, depreciation and amortization adjusted to eliminate integration and restructuring expenses rose 9.5 percent to 75.2 million euros, or $103.3 million, in the third quarter ended Sept. 30.
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