RTTNews | Aug 26, 2021 01:17PM EDT

13:16 Thursday, August 26, 2021 (RTTNews.com) - New York-based cosmetic products manufacturer Coty Inc. (COTY) is trading 17% higher after the company reported a narrower loss for the fourth quarter. Coty reported a net loss of $210.20 million or $0.27 loss per share, compared to $772.80 million or $1.01 loss per share in the same quarter last year. On an adjusted basis, the loss was $67.20 million or $0.09 per share compared to a loss of $386.70 million or $0.51 loss per share last year. On average, twelve analysts polled by Thomson Reuters projected the loss to be $0.06 per share.

The company reported an 89% increase in revenue to $1.06 billion, up from $560.40 million last year, primarily due to an over 100% increase in revenue in EMEA and a 67% increase in the US. Eight analysts estimated the revenue to be $1.01 billion for the quarter. Looking forward, the company expects double-digit growth in revenue in the first quarter of the 2022 financial year, echoing the analysts who forecast the revenue to be $1.22 billion. The shares are currently trading at $9.56, up $1.33 or 16.16% from their previous close at $8.23. The shares opened at $8.65 in the morning and in the 52-week period, the shares ranged between $2.65 and $10.49.

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