Despite continuing to show signs of COVID-19’s economic fallout, The Estee Lauder Companies (NYSE:EL) revealed a much stronger-than-expected performance with its fiscal first-quarter 2021 earnings report Monday morning. Investors responded by bidding shares up in early trading.
The company’s adjusted earnings per share (EPS), at $1.44, delivered a sizzling 60% positive surprise above Wall Street analyst consensus, which expected a sluggish $0.90 per share, according to Zacks Equity Research. Its revenue figure, $3.56 billion, also beat projections, though only by 2.15%.
Though revenue (net sales) still fell year over year, it was only down 9% from fiscal Q1 2020’s $3.9 billion. The EPS recovery is perhaps even more striking compared to last quarter, when the $0.53 loss per share amounted to a 178.95% negative surprise.
In its earnings report, Estee Lauder highlighted the Asia-Pacific region as its best area for sales, with all outlets open during