Coty Lifts Annual Outlook; Stock Up Over 4% In Pre-market

(RTTNews) - Coty Inc. (COTY), a beauty company, said on Wednesday that it has raised its first-half and full-year 2024 outlook, citing a strong demand for its beauty products, especially for fragrances.

Following the news, COTY was trading up by 4.62 percent at $12 per share in the pre-market trade on the New York Stock Exchange.

For the first-half of 2024, the company now expects core Like-for-Like or LFL sales growth of 10 percent to 12 percent against its previous outlook of 8 percent to 10 percent.

For 2024, Coty now projects core LFL sales growth of 8 percent to 10 percent, up from its earlier guidance to be at the top end of its medium-term target range of 6 percent to 8 percent.

For 2024, Coty revised up adjusted EBITDA outlook to around $1.075 billion to $1.085 billion, an increase from the implied adjusted EBITDA of $1.065 billion to $1.075 billion in its prior guidance.