Inter Parfums Posts Worse-than-Estimated Q2 Profit Drop

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Inter Parfums (IPAR) fell in extended trading after the maker of fragrance related products reported a worse-than-expected profit drop in the second quarter, hurt by weak European sales.

Shares of the New York-based company declined as much as 3.4% after losing 2.3% at $30.01 on Friday. The stock has gained 9.4% so far this year.

Net income fell to $4.4 million, or $0.14 per diluted share, in the April-to-June quarter, from $6.1 million, or $0.20 per diluted share, in the year-earlier period. That results trailed the $0.17 average estimate of 6 analysts polled by Capital IQ. Q2 sales fell to $102.0 million from $118.2 million year-over-year, in line with the Wall Street consensus.

Moving forward, the company expects 2015 net sales to come in at a range of $460 to $470 million, resulting in net income per share attributable to Inter Parfums in the range of $0.95 to $1.00 per diluted share. Analysts are calling for EPS of $1.00 and revenue of $464.1 million.

Also on Friday, the company said a quarterly cash dividend of $0.13 per share, unchanged from the previous quarter, will be paid on October 15 to shareholders of record on September 30.

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