Elizabeth Arden Shares Hit Lifetime High as Profit View Tops Street
Shares of Elizabeth Arden (NASDAQ:RDEN) surged 15% to an all-time high on Thursday after the beauty products maker upped its fiscal 2013 earnings outlook above Wall Street expectations.
The Miramar, Fla.-based maker of lotions and fragrances said it expects to make between $2.55 and $2.70 a share during the fiscal year ending June 2013, which is higher than the $2.37 forecasted by analysts in a Thomson Reuters poll.
Elizabeth Arden, which has scooped up celebrity fragrance licenses including those from Nicki Minaj and Justin Bieber, is anticipating sales growth next year between 13.5% to 15%.
Revenue for the three months ended June 30 climbed 4.6% to $265.5 million, topping the Street’s view of $263.8 million. Sales growth was led by an increase of 7.1% in North America.
Earnings during that period fell to $3.6 million, or 12 cents a share, compared with a year-earlier $5.4 million, or 18 cents. Excluding one-time acquisition costs, Elizabeth Arden earned 28 cents, topping average estimates of 20 cents.
Shares of the company climbed above 15% Thursday morning to a life-time high of $47.50 but have since retreated to about $43.84.