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ACCESSWIRE
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Active Wall Street: Post Earnings Coverage as Coty's Adjusted Income Surged 110%

Upcoming AWS Coverage on Spectrum Brands Holdings Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 26, 2017 / Active Wall St. announces its post-earnings coverage on Coty Inc. (NYSE: COTY). The Company posted its third quarter fiscal 2017 financial results on May 10, 2017. The beauty products Company surpassed top- and bottom-line expectations. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Coty's competitors within the Personal Products space, Spectrum Brands Holdings, Inc. (NYSE: SPB), reported results for Q2 FY17 ended April 02, 2017. AWS will be initiating a research report on Spectrum Brands Holdings in the coming days.

Today, AWS is promoting its earnings coverage on COTY; touching on SPB. Get our free coverage by signing up to:
http://www.activewallst.com/register/.

Earnings Reviewed

Coty has done multiple transactions in the past one year in the beauty business. The Company acquired more than 40 brands from Procter & Gamble Co., the personal care and beauty business of Brazil's Hypermarcas SA; a majority stake in online cosmetics retailer Younique; as well as premium hairstyling appliances Company ghd (good hair day). The Company's reported results reflected the performance of the business adding in the performance of the acquired brands.

For the three months ended March 31, 2017, Coty's net revenues of $2.03 billion more than doubled compared to Legacy-Coty's net revenues of $950.7 million in Q3 FY16 and increased 6% at constant currency compared to combined Legacy-Coty and P&G Beauty Businesses' net revenues in the prior year's same period. The Company's revenue numbers exceeded analysts' consensus of $1.96 billion.

For Q3 FY17, Coty's gross margin was 59.8% a decrease from gross margin of 61.2% for Legacy-Coty in Q3 FY16, while adjusted gross margin was 63.3% an increase from adjusted gross margin of 61.8% for Legacy-Coty in the prior year's same period, reflecting the addition of the higher gross margin P&G Beauty and Younique businesses.

For Q3 FY17, Coty reported operating loss of $(192.5) million compared to operating income of $23.0 million for Legacy-Coty in Q3 FY16, as the income contribution from the acquired businesses was more than offset by increased restructuring costs and acquisition related costs. As a percentage of net revenues, operating margin was a negative (9.5)% versus 2.4% in the prior year's comparable quarter. Coty's adjusted operating income increased >100% to $208.3 million compared to $102.6 million for Legacy-Coty in the prior year's same period, while as a percentage of net revenues, adjusted operating margin remained flat at 10.3%.

For Q3 FY17, Coty's net loss was $(164.2) million, or $(0.22) per diluted share, compared to net loss of $(26.8) million, or $(0.08) per diluted share, for Legacy-Coty in the prior year's same period. The Company's adjusted net income increased to $110.3 million in the reported quarter, from $47.8 million for Legacy-Coty in the prior year's comparable period, primarily reflecting higher adjusted operating income and partially offset by higher interest expense. On a per-share basis, adjusted earnings totaled $0.15 per share, beating Wall Street's expectations of $0.11 per share.

Segment Results

During Q3 FY17, Coty's Luxury net revenues were $634.6 million, increasing 56% as reported compared to Legacy-Coty net revenues of $405.9 million in Q3 FY16, reflecting the contribution from the acquired P&G Beauty Business. The Company's adjusted operating income from the Luxury business increased 94% to $86.1 million from $44.4 million in the prior year's same period, resulting in adjusted operating income margin of 13.6%, an increase of 270 basis points versus the year ago comparable period.

Coty's Consumer Beauty net revenues of $988.6 million increased >100% in Q3 FY17 compared to Legacy-Coty's net revenues of $488.5 million in Q3 FY16, reflecting the contribution from the acquired P&G Beauty Business and Younique. During the reported quarter, adjusted operating income for Consumer Beauty increased >100% to $121.5 million from $43.2 million for Legacy-Coty in the prior year's same period, resulting in an 12.3% adjusted operating income margin, an increase of 350 basis points on a y-o-y basis.

For Q3 FY17, Coty's Professional Beauty segment's net revenues was $408.9 million, surging more than six times compared to Legacy-Coty's net revenues of $56.3 million in Q3 FY16, reflecting the contribution from the acquired P&G Beauty Business and the ghd acquisition. Adjusted operating income for Professional segment decreased to $0.7 million from $15.0 million for Legacy-Coty in the prior year's same period, resulting in adjusted operating income margin of 0.2% versus 26.6% for Legacy-Coty in the year earlier corresponding quarter.

Cash Flows

During Q3 FY17, Coty's net cash generated by operating activities was $43.3 million compared to cash utilization of $(71.8) million for Legacy-Coty in the prior year's same period, reflecting improved working capital for the combined Company. Coty's free cash flow was $(82.5) million in the reported quarter compared to $(108.6) million for Legacy-Coty in the prior year's comparable period, reflecting higher cash from operations which was partially offset by increased capital expenditure.

Coty's cash and cash equivalents were $767.0 million, increasing by $394.6 million; total debt was $7.18 billion, increasing by $3.01 billion, with net debt of $6.42 billion up $2.62 billion from the balance on June 30, 2016. This increase reflected the assumption of approximately $1.94 billion of debt as part of the P&G Beauty Business transaction and financings for the acquisition of ghd and the investment in Younique.

In a separate press release on May 10, 2017, Coty's Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable on June 13, 2017, to shareholders of record on May 31, 2017.

Stock Performance

At the closing bell, on Thursday, May 25, 2017, Coty's stock slightly fell 0.90%, ending the trading session at $18.73. A total volume of 3.80 million shares were traded at the end of the day. In the last month and previous three months, shares of the Company have advanced 3.37% and 0.38%, respectively. Moreover, the stock gained 2.29% since the start of the year. The stock currently has a market cap of $13.91 billion and has a dividend yield of 2.67%.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

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This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.

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SOURCE: Active Wall Street

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