Estee Lauder Predicts Better Than Expected Results

Cosmetic firm Estee Lauder Cos. (NYSE: EL) said late Wednesday that its sales and profits are likely to be better than previously expected.

The company said that its 2nd quarter earnings are likely to come in at $1.23 to $1.30 per share and that net sales should grow at 10% to 11%.

The company attributed the strong quarterly results to robust sales, a favorable product mix and controlled spending.

"The improved sales reflected continued strong growth in Asia, successful new innovation, and better-than-expected results from the company's travel retail business and the holiday season in the United States. Sales also benefited from further favorability in foreign currency translation," Estee Lauder said in a statement.

Analysts surveyed by FactSet Research had forecast earnings of just 89 cents a share on revenue of $2.18 billion.