Coty Inc. (COTY, Financial) fell more than 12% as the company posted adjusted fourth-quarter EPS of zero cents on revenue of $2.24 billion, coming short of profit estimates by nine cents per share but beating revenue expectations by $80 million. Revenue increased 5% for the combined company (revenues of Coty and the P&G Beauty Business) at constant currency compared to the previous year. Excluding the effect of the acquisitions of ghd and Younique, combined organic net revenues declined 3% on a constant currency basis. Moreover; adjusted operating income reached $90.1 million and decreased from $94.2 million in the previous period. The bottom line was also affected, with reported EPS of -41 cents declining from negative nine cents a year ago. Further, adjusted EPS of zero cents decreased from 13 cents.
Medtronic PLCÂ (MDT, Financial) stock lost about 2% in Tuesday trading after the company reported first-quarter EPS of $1.12 on revenue of $7.39 billion, coming short on revenue expectations by $60 million. Nevertheless, the company beat profit estimates by four cents per share. Revenue of $7.390 billion was higher than the $7.166 billion reported in the first quarter of fiscal 2017, registering an increase of 3%. For the quarter, U.S. revenue of $4.042 billion represented 55% of total revenue and increased 1%. Non-U.S. developed market revenue of $2.313 billion represented 31% of total revenue and increased 4%. The remaining $1.035 billion in revenue came from emerging markets, which increased 11%. In fiscal year 2018, the company expects comparable, constant currency revenue growth to be between 4% and 5%. Diluted non-GAAP EPS growth is expected to range between 9% and 10% on a comparable, constant currency basis.
In other news, shares of Redfin Corp.(RDFN, Financial) lost more than 1% in morning trading after analysts initiated coverage after the expiration of the initial public offering quiet period. Analysts at Oppenheimer gave the company an outperform rating with a price target of $31. RBC began coverage with a sector perform rating and a price target of $28. Bank of America Merrill Lynch, Goldman Sachs and Stifel Nicolaus gave the company a Neutral/Hold rating.
Disclosure: The author holds no positions in any stocks mentioned.
