third-quarter earnings and sales edged up, but the makeup purveyor easily beat analysts' consensus estimate for per-share earnings before an accrual for a series of convertible shares.
Sales were $321.3 million in the latest quarter compared with $314.8 million a year ago, while earnings were $38.9 million in the latest quarter compared with $37.7 million a year ago. The company's per-share situation is complicated by the bond accrual: it earned 88 cents a share in the latest quarter compared with $1.64 a year ago, reflecting deduction of the accretion charge before net income available to the common is calculated. There were also about 1.5 million more shares outstanding in the latest quarter.
Before the charge, the company earned $1.59 a share in the latest quarter, about 9 cents better than the Thomson First Call estimate. The company said all of its selling units "performed as expected" while its "mass business in particular continued to strengthen throughout the quarter."
The company expects 20034 sales to be $790 million to $805 million and earnings of 90 cents to 95 cents before charges. Analysts surveyed by First Call were expecting sales of $796 million and earnings of 90 cents.
The shares closed Thursday at $20.57, 43 cents off their 52-week high.