Coty (NYSE: COTY) reported Q3 EPS of $0.00, $0.01 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $1.03 billion.

GUIDANCE:

Coty sees FY2021 revenue of $4.5-4.6 billion, versus the consensus of $4.57 billion.

• As announced during the Strategic Update on April 23, 2021, Coty expects to end the year with net revenues of $4.5 billion to $4.6 billion. With strengthened profitability, the Company expects to increase commercial investments in Q4 to support its strategic priorities and the improvement of sell-out trends, as the broader beauty market begins to recover.
• These investments will be supported by the continued reduction of costs, with cost reductions on track to reach approximately $300 million in FY21 and total targeted savings of $600 million through FY23. In addition, Coty is reaffirming its target for adjusted EBITDA of $750 million in FY21. The Company plans to continue to lower its leverage ratio towards 5x by the end of CY21, as previously announced.

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