Coty Inc. (NYSE:COTY) came out with its fourth quarter earnings results on Thursday 27th August 2020 before market open.
The company reported $ 1.01 loss per share for the fourth quarter.
On adjusted basis, Coty Inc. reported loss for the quarter of $ 0.51 per share, missed the consensus estimate of $ 0.12 loss per share by $ 0.39 or 325 percent.
The firm had revenue of $ 560.40 million for the quarter, compared to the consensus estimate of $ 1341.31 million. The revenues fell short of analysts estimates by $ 780.91 million or 58.22 percent.
The financial report showed revenues lowered 62.79 percent versus fourth quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Peter Harf, founder and Executive Chairman, said: Cotys fourth quarter was marked by external shocks, as the COVID-19 pandemic triggered a crisis in the real economy and supply. The severe sales contraction for total Coty, with revenues down $1.2 billion year-over-year, led to significant operating deleverage in the quarter, even as the company focused all its efforts on protecting free cash flow which came in inline with our expectations.
