Coty Inc. shares jumped more than +20% in pre-market trading Friday. The beauty company reported adjusted earnings of 24 cents a share for the three months ending December, beating analysts’ estimate of 22 cents a share. However, the adjusted per-share earnings were lower compared to the year-ago quarter’s 32 cents a share.
The company’s total revenue of $2.51 billion for the fiscal second quarter, beating Wall Street's forecast of $2.47 billion.
Coty CEO Pierre Laubies said in a statement, "I must stress that while we are confident that we can return Coty to a path of sustainable growth, we are also realistic that it will take time to achieve this outcome."