May 11, 2010
Inter Parfums first quarter profit in-line, ups earnings view
May 11, 2010
May 10 (Reuters) - Fragrance maker Inter Parfums Inc (IPAR.O) posted a quarterly profit that was in line with Wall Street estimates, and raised its earnings outlook for fiscal 2010 as it sees benefits from a stronger dollar.
La Tête perfume from Inter Parfums Inc
For 2010, the company, which will launch its first Burberry cosmetics collection in July, now expects to earn about 80 cents a share compared with its earlier estimate of about 78 cents a share. It also backed its 2010 sales outlook of $440 million.
Analysts on average were expecting earnings of 82 cents on revenue of $450 million, according to Thomson Reuters I/B/E/S.
Net income for the first quarter was $6.6 million, or 22 cents a share, compared with net income of $5.4 million, or 18 cents a share, a year ago.
Analysts on average were expecting earnings of 22 cents a share.
In April, the company had pre-announced its revenue for the quarter.
Gross margins for Inter Parfums, whose brands include Van Cleef & Arpels, Burberry and Christian Lacroix, were 60.1 percent.
Shares of the New York-based company closed at $16.68 Monday 10 May on Nasdaq. (Reporting by Shobhana Chadha in Bangalore; Editing by Jarshad Kakkrakandy)
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