Thu, Aug. 13, 9:06 AM| Thu, Aug. 13, 9:06 AM | Comment!
Thu, Aug. 13, 8:38 AM
- Revenue by segment: Fragrances: $414.4M (-1%, -3% in constant currency); Color cosmetics: 423.8M (+13%, +24% in constant currency); Skin & body care: $181.3M (-12%, -2% in constant currency).
- Geographic revenue break-up: Americas: $405M (+3%, +5% in constant currency); EMEA: $497.1M (-7%, +8% in constant currency); Asia Pacific: $117.4M (+1%, +8% in constant currency).
- Adjusted gross margin rate rose 160 bps to 59.9%.
- Adjusted operating margin rate increased 120 bps to 5.9%.
Thu, Aug. 13, 7:03 AM
Wed, Aug. 12, 5:30 PM
Thu, Jul. 9, 2:40 PM
- Today's reaction to Coty's (COTY -5.3%) acquisition of $12.5B worth of Procter & Gamble's beauty assets has been mixed.
- Citi's Wendy Nicholson warns on the extra debt load Coty takes on in the deal.
- Stifel Nicolaus analyst Mark Astrachan thinks the acquisitions by Coty will pay off in the long term despite some cost savings and EPS accretion estimates which came in below early expectations.
- "The deal also provides Coty management a meaningfully larger platform to deploy cash, including further acquisitions, share repurchase, and/or dividends," notes Astrachan.
- The reaction from Piper Jaffray is muted with analyst Steph Wissink concluding the deal essentially combines two businesses with "limited" growth potential.
- Shares of Coty were down over 10% earlier today before recovering on volume 3X normal activity. Coty ran up gains earlier this month on reports of talks with P&G.
- Previously: P&G accepts Coty's $12.5B merger offer (Jul. 09 2015)
Thu, Jul. 9, 8:40 AM
- Coty (NYSE:COTY) is acquiring 43 of Procter & Gamble's (NYSE:PG) beauty brands in a complicated deal valued at $12.5B.
- P&G expects to record a one-time gain of anywhere from $5B-$7B on the transaction, which includes its hair color brands, retail cosmetics and fine fragrance businesses.
- While the final form of the deal has not yet been confirmed, P&G said it aimed to do a "Reverse Morris Trust," which involves both spinning off an asset and simultaneous merging it with something else.
- PG +1.5%; COTY +2.2% premarket
Wed, Jun. 24, 12:47 PM
- Analysts looking at the severance package offered by Coty (COTY -0.3%) to the "retired" Elio Leoni Sceti think it's a strong sign the company is close to finalizing a deal to buy Procter & Gamble's (PG -0.2%) beauty business assets.
- Sceti, who was reported to have been against the P&G deal, will walk away with $1.8M - despite still being a week from starting his official duties.
- Bart Becht is viewed as a more logical choice to direct Coty if an extra $12B of P&G assets come on board, instead of Sceti with his organic growth bend.
- Previously: No new boss at Coty after all (Jun. 23 2015)
Tue, Jun. 23, 9:00 AM
- Coty (NYSE:COTY) announces Bart Becht will stay on as CEO.
- The development means Elio Leono Sceti will not join the company as the top executive as planned.
- Sceti was scheduled to assume the CEO role on July 1.
- Coty is actively pursuing Procter & Gamble's beauty assets which may have been a factor in the CEO development.
Wed, Jun. 17, 1:41 PM
- Shares of Coty (COTY -0.7%) are holding on to most of yesterday's sizable gain with sources indicating the company's deal to acquire Procter & Gamble's beauty business will be finalized within a few weeks.
- The brands involved in the deal through ownership and licensing rights include Wella, Dolce & Gabbana, Gucci, Hugo Boss, Cover Girl, and Max Factor.
- If the reported deal price is accurate, Wells Fargo thinks Coty landed the assets at a bargain level.
- Previously: Report: Coty acquires beauty product lines from P&G for $12B (June 15)
Tue, Jun. 16, 9:56 AM
- Coty (COTY +14.7%) pops after reports indicate the company landed Procter & Gamble's (PG +1.2%) beauty product assets.
- Final details on the deal aren't expected to be disclosed for another two weeks, according to sources.
- Early analysis on Coty's aggressive play is favorable with some industry watchers noting the company will gain a pricing edge and operating efficiency at scale through the acquisition.
- Indications are that the deal will be structured as a Reverse Morris Trust where P&G will spin off the assets into a new entity that will absorb Coty.
- Shares of Elizabeth Arden (RDEN +1.5%), Inter Parfums (IPAR +0.8%), and Estee Lauder (EL +1.2%) are also active on the day off the consolidation move in the sector.
- Previously: P&G assets on the block (Jun. 09 2015)
- Previously: Report: Coty acquires beauty product lines from P&G for $12B (Jun. 15 2015)
Tue, Jun. 16, 9:24 AM
Mon, Jun. 15, 6:34 PM
- Coty (NYSE:COTY) +7.5% AH after the NY Post reports it has acquired three beauty products and fragrance lines from Procter & Gamble (NYSE:PG) for as much as $12B combined.
- The businesses are believed to include PG's Max Factor, CoverGirl and Wella hair care brands, and would catapult Coty into the big leagues in the consumer space.
- Other bidders reportedly had included Henkel (OTCPK:HENKY) and P-E firms KKR, Clayton Dubilier & Rice and Warburg Pincus.
Tue, Jun. 9, 3:04 AM
- Stepping closer to shedding some more non-core assets, P&G (NYSE:PG) has received several binding offers for separate parts of its beauty business.
- Bidders, including Henkel (OTCPK:HENKY), Coty (NYSE:COTY) and P-E firms KKR (NYSE:KKR), Clayton Dubilier & Rice and Warburg Pincus, have made offers in the billions of dollars for P&G's haircare unit, cosmetics division and fragrance business.
- CEO Lafley said last August he would reverse the company's strategy of aggressive expansion and unload more than half of its brands.
- Previously: Personal care companies prep bids for P&G beauty brands (Apr. 16 2015)
Thu, May 7, 7:31 AM
- Coty (NYSE:COTY) reports growth in the color cosmetics business in FQ3 helped offset some weakness with fragrances and skin/body care.
- Total sales were flat for the quarter on a like-for-like basis.
- Emerging markets sales +5% like-for-like.
- The company ended the quarter with the same adjusted gross margin of 61.6% as a year ago.
- Adjusted operating margin increased 280 bps to 10.9%.
- Previously: Coty beats by $0.06, beats on revenue
Thu, May 7, 7:05 AM
Wed, May 6, 5:30 PM
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