By Denny Jacob
Olaplex Holdings shares climbed 23% to $1.71 as the company adjusted its outlook for fiscal 2023 and issued better-than-expected results for the latest quarter.
The stock is down 67% on the year so far.
The beauty company forecast sales in the range of $450 million to $460 million for fiscal 2023, compared with its prior guidance set between $445 million and $465 million.
It also guided for adjusted net income between $100 million and $108 million as well as adjusted earnings before interest, taxes, depreciation and amortization between $166 million and $174 million. It previously called for adjusted net income between $96 million and $108 million and adjusted Ebitda in the range of $161 million and $176 million.
Olaplex also reported third-quarter results. The Santa Barbara, Calif.-based company logged net income of $20.4 million, or 3 cents a share, for the three months ended Sept. 30, from net income of $60.8 million, or 9 cents a share, a year earlier. Adjusted earnings were 5 cents a share, above analysts’ estimates of 3 cents a share.
Sales declined 30% to $123.6 million from $176.5 million. Analysts polled by FactSet expected $115.6 million
“Our third quarter results and the encouraging early indicators from our increased investments support our belief that we are making solid progress towards stabilizing our sales trend in the second half of 2023,” said interim Chief Executive J.P. Bilbrey.
Write to Denny Jacob at [email protected]
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