Coty Sales Dip, Profit Beat Estimates After P&G Beauty Deal

Coty Inc. said it had net income of $125.7 million, or 34 cents per share, in the first fiscal quarter, up from $10.6 million, or 28 cents per share, for the same period last year. Adjusted earnings were 34 cents per share. The FactSet consensus was 29 cents per share. Sales totaled $1.11 billion, down from $1.18 billion the year earlier. FactSet consensus was $1.27 billion. Coty announced the largest M&A deal in the retail and consumer sectors last quarter, the acquisition of Proctor & Gamble Co.'s beauty sector. Coty shares are up 45% for the year to date while the S&P gained 2.1% for the same period. See also: Coty to move executive offices to London See also: Coty to buy personal care business of Brazil's Hypermarcas for about $1 billion