Coty (NYSE:COTY) reported its Q3 earnings results on Tuesday, with EPS of $0.19, coming in better than the Street estimate of $0.03. Revenue was $1.29 billion, beating the Street estimate of $1.23 billion.

This led to an increase in guidance, but it reflects a more modest Q4, largely due to inventory re-stocking actions in Q3 that led to a one-time mid-single-digit benefit to growth. Demand remains healthy around the globe with incremental upside from China as the country reopens and the company invests in new skincare launches in the region.

For the full 2023 year, the company expects EPS to be in the range of $0.38-$0.39, compared to the Street estimate of $0.37.