The Estée Lauder Companies Inc. (NYSE: EL) reported second quarter 2024 earnings results today.
Net sales declined 7% to $4.28 billion from the prior-year period. Organic net sales fell 8%.
Net earnings was $313 million, or $0.87 per share, compared to $394 million, or $1.09 per share, last year. Adjusted EPS was $0.88.
Both revenue and earnings beat expectations, sending the stock soaring over 16% in premarket hours on Monday.
For the third quarter of 2024, reported net sales are forecasted to increase between 3-5% versus the prior-year period. Adjusted EPS is expected to range between a decrease of 18% and an increase of 3% on a constant currency basis.