On Wednesday, Estee Lauder Companies Inc (NYSE: EL), which is the second-largest cosmetics company in the world, announced its financial results for the first quarter ended September 30. The company reported better-than-expected earnings for the first quarter, which is the 13th straight quarter that earnings surprise investors.
For the first quarter of fiscal 2018, net sales rose 14% to $3,274 million, beating analysts’ estimates of $3,164 million. The company expects net sales to increase in the range of 13% to 15% for the second quarter. For fiscal 2018, the company expects an increase of 10% to 11% for net sales.
Adjusted earnings per share for the first quarter was $1.21 per share, which also surpassed estimates of $0.97 per share. Estee Lauder expects its adjusted earnings per share to be in the range of $4.04 to $4.12 per share for fiscal 2018, raising from the previous guidance of $3.87 to $3.94 per share.
“We delivered an outstanding financial performance in our fiscal 2018 first quarter, demonstrating the power of our diverse brand portfolio to leverage our multiple engines of growth,” Fabrizio Freda, the President and Chief Executive Officer of the company, said in the statement on Wednesday.
Building on the global momentum of the last fiscal year, we benefitted from a continued acceleration in China, Hong Kong, travel retail and global online, strength in several developed and emerging markets in Europe, and incremental sales from Too Faced and BECCA,” Fabrizio said.