Shares of The Estée Lauder Cos. Inc. hit a new 52-week high after the company posted third-quarter earnings results that beat Wall Street’s estimates.
For the three months ended March 31, net income rose 37.1 percent to $178.8 million, or 45 cents a diluted share, from $130.4 million, or 33 cents, a year ago. Excluding restructuring charges, net income rose 19 percent to $177.8 million, or diluted EPS of 45 cents, in the quarter, compared with 35 cents in the year-ago period. The results were ahead of management’s guidance range of 28 cents to 38 cents and ahead of Wall Street’s expectations of 34 cents. Net sales rose 1.9 percent to $2.29 billion from $2.45 billion.
For the nine months, net income rose 14.9 percent to $925.8 million on a 4.2 percent sales gain to $7.77 billion.
Investors liked the results as shares of Lauder rose 2.6 percent to close at $70.60. The stock hit a high of $71.78 in intraday trading.
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