NEW YORK (AP) _ Estee Lauder Companies Inc. (EL) on Friday reported a fiscal third-quarter loss of $6 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of 2 cents per share. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 85 cents per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The beauty products company posted revenue of $3.35 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $3.05 billion.
Estee Lauder shares have declined 15% since the beginning of the year, while the Standard & Poor's 500 index has declined roughly 10%. The stock has increased slightly more than 2% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EL at https://www.zacks.com/ap/EL
Automated Insights, source Associated Press News