RTTNews | Aug 26, 2021 10:27AM EDT

10:26 Thursday, August 26, 2021 (RTTNews.com) - Shares of beauty products maker Coty Inc. (COTY) are rising more than 14% Thursday morning after the company reported better-than-expected fourth-quarter revenue and narrower loss though it missed the Street view.

Revenue in the fourth quarter increased 89.6% year-over-year to $1.062 billion. On average, 12 analysts polled by Thomson Reuters expected the company to report revenue of $1.01 billion.

The company's net loss in the fourth quarter narrowed to 221.1 million or $0.29 per share from $696.2 million or $0.91 per share in the same quarter a year ago on higher revenue.

Excluding items, loss was $67.2 million o $0.09 per share compared with loss of $353.7 million or $0.46 per share last year. The consensus estimate was for $0.06 loss per share.

Looking forward, Coty expects first-quarter like-for-like (LFL) sales growth in the high teens percentage.

"With the base year comparisons getting more difficult in subsequent quarters and some uncertainty in market conditions due to the Delta variant of COVID, Coty is targeting FY22 LFL sales growth in the low teens coupled with adjusted EBITDA of ~$900 million on a constant currency basis, reflecting strong EBITDA margin expansion YoY," Coty said.

COTY, currently at $9.42, has traded in the range of $2.65- $10.49 in the last one year.

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