Estee Lauder 1Q profit more than doubles

NEW YORK (AP) — Beauty products maker Estee Lauder Cos. said Friday its fiscal first-quarter profit more than doubled on strong sales of skin care products and lower expenses.
 
Strong overseas results helped drive the performance, which spurred shares 5 percent higher to $43.29 in premarket trading.
 
The company, whose brands include Clinique and Prescriptives, also raised its full-year forecast.
 
New product launches, growth in Asia and higher customer traffic in its travel retail business boosted results. Some of the company’s new products include Beautiful sheer body spray and an Evelyn Lauder lip design collection.
 
Profit rose to $140.7 million, or 71 cents per share, in the July-to-September quarter. That’s up from $51.1 million, or 26 cents per share, a year ago.
 
Excluding restructuring charges, it says profit was 85 cents per share — well ahead of analysts’ expectations for earnings of 34 cents a share.
 
Estee Lauder says revenue slipped 4 percent to $1.83 billion. Analysts polled by Thomson Reuters, on average, predicted revenue of $1.82 billion.
 
The company expects profit between 80 cents to 87 cents in the second quarter, while analysts expect 85 cents per share.
 
The company raised its full-year outlook to $1.95 to $2.10 per share, from a previous outlook of $1.55 to $1.70 per share. Analysts predict a profit of $1.79 per share.