Coty Q1 Profit Surges, Revenue Slides - Quick Facts

(RTTNews) - Coty Inc. (COTY) Thursday said its attributable net income for the first quarter surged to $125.7 million from $10.6 million, as the prior year included $88.8 million loss on extinguishment of debt. Earnings per share soared to $0.34 from $0.03.

Adjusted earnings totaled $0.59, while it totaled $0.28 last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues fell to $1.112 billion from $1.182 billion in the prior year. Analysts expected revenues of $1.13 billion.

The company also provided an update on the planned merger with the P&G Specialty Beauty Business. Coty continues to anticipate a closure of the transaction in the second half of calendar 2016.