Estee Lauder Companies Inc (NYSE:EL) hurtled higher on what it calls outstanding financial results for the fourth fiscal quarter.
The New York-based cosmetics maker reported net sales of $14.86 billion increased 9% from $13.68 billion in the prior-year. The Company posted net sales growth in its international business and nearly all product categories.
Excluding the negative impact of currency translation ($371 million, or 2%) and the adoption of the new revenue recognition accounting standard ($49 million, or less than 1%), net sales increased 12%.
Net earnings rose to $1.79 billion from $1.11 billion last year. Diluted net earnings per common share increased to $4.82 compared with $2.95 reported in the prior year.
Total reported operating income was $2.31 billion, a 13% increase from $2.06 billion in the prior year. Operating income increased 18%. The improvement in operating income largely reflected higher net sales and disciplined expense management throughout the business.
CEO Fabrizio Freda said, "Fiscal 2019 was an outstanding year for our Company. We achieved strong net sales gains across our business, fueled by investments in our strategic priorities, including improved data analytics that helped power our innovation and digital marketing.
"Our winning strategy led to continued share gains in global prestige beauty."
Shares kicked off Monday gained $16.11, or 9%, to $195.33
