Summary by Moomoo AI
On May 1, 2024, Estee Lauder Companies Inc. released its financial results for the fiscal quarter ending March 31, 2024. The report highlighted a 5% increase in net sales to $3.94 billion compared to the previous year and a significant rise in net earnings to $330 million, up from $156 million. Organic net sales grew by 6%, driven by strong performance in Europe, the Middle East & Africa, and Asia travel retail. The company's adjusted diluted earnings per share (EPS) increased to $.97, while reported diluted EPS rose to $.91. Estee Lauder's President and CEO, Fabrizio Freda, expressed confidence in the company's growth trajectory, citing an inflection point in performance during the second half of fiscal 2024. The report also included forward-looking statements regarding the company's expectations for the fourth quarter and full fiscal year of 2024, despite ongoing macroeconomic challenges and geopolitical volatility. Estee Lauder plans to continue investing in consumer-facing activities to support long-term profitable growth.