07:21 AM EDT, 10/31/2024 (MT Newswires) -- Estee Lauder ( EL ) reported fiscal Q1 adjusted earnings Thursday of $0.14 per diluted share, up from $0.11 a year earlier.

Analysts polled by Capital IQ expected $0.10.

Net sales for the quarter ended Sept. 30 were $3.36 billion, down from $3.52 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.37 billion.

For fiscal Q2, the company said it expects adjusted diluted net EPS in the range of $0.20 to $0.35. Analysts polled by Capital IQ expect $1.06. Net sales for the quarter are expected to fall between 8% and 6%.

Estee Lauder ( EL ) also said it is withdrawing its fiscal 2025 guidance due to "incremental uncertainty on timing of stabilization" in China and Asia travel retail as well as because of leadership changes.

The beauty company said its board lowered its quarterly dividend to $0.35 per share from $0.66, payable Dec. 16 to shareholders of record as of Nov. 29.

Estee Lauder's ( EL ) shares fell 18% in recent Thursday premarket activity.

Price: 88.07, Change: +0.82, Percent Change: +0.94