NEW YORK (TheStreet) -- Shares of Estee Lauder (EL) were sliding in pre-market trading on Wednesday after the company posted light revenue for the 2017 fiscal first quarter and gave a disappointing forecast.
Before today's market open, the New York City-based cosmetics company said revenue rose 1% to $2.87 billion, which fell short of analysts' estimates of $2.89 billion.
Adjusted earnings of 84 cents per share topped Wall Street's projections of 80 cents per share.
For the fiscal second quarter, Estee Lauder anticipates earnings per share in the range of $1.10 and $1.15, below analysts' projections of $1.31 per share.
The company sees second-quarter revenue rising 3% to 4% over the prior year period. Last year, the company generated $3.13 billion in revenue. Wall Street estimates revenue of $3.31 billion for the quarter, according to FactSet.
For the full fiscal year, Estee Lauder expects adjusted earnings per share between $3.38 and $3.44, while analysts surveyed by FactSet are modeling earnings of $3.47 per share.
The company expects full-year revenue to grow 6% to 7% over fiscal 2016 revenue of $11.26 billion. Wall Street is looking for revenue of $11.93 billion for the year.
"Throughout the remainder of the fiscal year, we expect our sales growth to progressively accelerate based on a steady flow of new products, momentum and increased targeted consumer reach for our small and mid-sized brands and MAC, and increased social media initiatives to drive brand engagement," CEO Fabrizio Freda said in a company statement.