Why Estée Lauder Stock Fell 12.5% at the Open Today
Shares of The Estée Lauder Companies (NYSE: EL), a global cosmetics company, got hit hard at the open on May 3, falling as much as 12.5% in early trading. As of 10:33 a.m. ET today, shares were still down 5%. The big news was the company's fiscal third-quarter 2022 earnings release. The quarter was a good one, but investors were thinking more about the future this morning.
On the top line, Estée Lauder reported sales of $4.25 billion for the quarter, up 10% from $3.86 billion in the year-ago period. Organic sales rose a solid 9%. Management noted that net sales grew in every product category, with particular strength in the Americas and Europe, the Middle East, and Africa. Stores reopening after pandemic-related closures was a key benefit, though strong online sales were also noted. Adjusted earnings per share came in at $1.90, up 18% over the fiscal third quarter of 2021. It's hard to complain about those numbers.
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Source Fool.com
