Business
CORRECTING and REPLACING Inter Parfums, Inc. Reports Record 2023 Second Quarter Results
Increases Earnings per Diluted Share Guidance from $4.25 to $4.55 NEW YORK--(BUSINESS WIRE)-- The first sentence of the "Full-Year 2023 Guidance" section
About this update from Interparfums, Inc.
[{"type":"text","content":"\nIncreases Earnings per Diluted Share Guidance from $4.25 to $4.55\n\n\n NEW YORK--(BUSINESS WIRE)--\nThe first sentence of the \"Full-Year 2023 Guidance\" section should read: Mr. Atwood continued, “As we reported in our second quarter 2023 net sales release on July 24th, we continue to look for full-year 2023 net sales to approximate $1.3 billion (instead of $1.3 million), or growth of 20% from full-year 2022. \n\n\nThe updated release reads: \n\n\nINTER PARFUMS, INC. REPORTS RECORD 2023 SECOND QUARTER RESULTS\n\n\nIncreases Earnings per Diluted Share Guidance from $4.25 to $4.55\n\n\nInter Parfums, Inc. (NASDAQ GS: IPAR) (“Inter Parfums” or the “Company”) today reported its financial results for the second quarter and six months ended June 30, 2023.\n\n\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\n\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$309\n\n\n\n\n\n\n$245\n\n\n\n\n\n\n26%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n$188\n\n\n\n\n\n\n$154\n\n\n\n\n\n\n23%\n\n\n\n\n\n\n\n\nGross Margin (as a percentage of net sales)\n\n\n\n\n\n\n60.9%\n\n\n\n\n\n\n62.8%\n\n\n\n\n\n\n(190 bps)\n\n\n\n\n\n\n\n\nOperating Income\n\n\n\n\n\n\n$55\n\n\n\n\n\n\n$45\n\n\n\n\n\n\n21%\n\n\n\n\n\n\n\n\nOperating Margin\n\n\n\n\n\n\n17.8%\n\n\n\n\n\n\n18.6%\n\n\n\n\n\n\n(80 bps)\n\n\n\n\n\n\n\n\nNet Income (attributable to Inter Parfums, Inc.)\n\n\n\n\n\n\n$35\n\n\n\n\n\n\n$28\n\n\n\n\n\n\n27%\n\n\n\n\n\n\n\n\nEarnings Per Diluted Share\n\n\n\n\n\n\n$1.09\n\n\n\n\n\n\n$0.86\n\n\n\n\n\n\n27%\n\n\n\n\n\n\n\n\nThe average dollar/euro exchange rate for the current second quarter was 1.09 compared to 1.06 in the second quarter of 2022, while for the first half of 2023, the average dollar/euro exchange rate was 1.08 compared to 1.09 in the first half of 2022, leading to a positive 1.3% foreign exchange impact for the quarter and a negative 0.5% for the first half on Net Sales.\n\n\n\n\n \n\n\n\n\nAt comparable foreign currency exchange rates, consolidated second quarter net sales increased 25% from the second quarter of 2022.\n\n\n\n\n\n\n\nOperational Commentary\n\n\n“With our second quarter net sales increasing 26%, on top of the healthy 18% growth from the prior year period, we are taking full advantage of the positive trends and momentum in...