RTTNews | Aug 26, 2021 07:03AM EDT

07:02 Thursday, August 26, 2021 (RTTNews.com) - Coty Inc. (COTY) reported that its fourth quarter net revenues were up 89.6% as reported and 80.7% LFL with strong improvement across all regions. Adjusted EBITDA was $127.3 million, increased significantly from a negative adjusted EBITDA of $246.6 million last year. The company recorded an adjusted EBITDA margin of 12.0%, for the quarter. For fiscal 2022, Coty is targeting LFL sales growth in the low teens with adjusted EBITDA of approximately $900 million on a constant currency basis, reflecting strong EBITDA margin expansion. For the first quarter, the company expects LFL sales growth in the high teens percentage.

Coty confirmed the company is pursuing a partial IPO of its Brazil business. The company plans to remain a controlling shareholder of the Brazil affiliate.

Fourth quarter adjusted loss per share was was $0.09 compared to a loss of $0.46, prior year. The company noted that its fourth quarter adjusted loss per share included approximately 2 cents of impact from deferred financing fee write-offs following the refinancing transactions in the quarter and 3 cents from the expensing of the convertible preferred coupon based on accounting treatment during periods of negative net income. On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.06, for the quarter. Analysts' estimates typically exclude special items.

Reported net loss was $221.1 million compared to a net loss of $696.2 million, last year. Loss per share was $0.29 compared to a loss per share of $0.91.

Reported net revenues were $1.06 billion, up 89.6% year-over-year, including a positive foreign exchange impact of 8.9%. Analysts expected revenue of $1.01 billion, for the quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3221273/coty-targets-low-teens-sales-growth-in-fy22-to-pursue-partial-ipo-of-brazil-business.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved