The value of small cap stock for Helen of Troy Limited (NASDAQ:HELE), a personal care product manufacturer, fell sharply after the company reported lower first-quarter profits, The Associated Press reports.
According to the news source, Helen of Troy's profits came in lower than Wall Street anticipated, and the company also announced it had slashed its 2012 total profit forecast, sending its stock down even lower.
The company, whose products include Revlon, Vidal Sassoon and other hair products, reported earnings of $23.5 million, or 74 cents per share, in the quarter ended May 31. In the same period last year, the manufacturer reported earnings of $24.6 million, or 78 cents per share. The profit came in lower than the average of analysts' estimates, which called for a profit of 86 cents per share, the media outlet stated.
However, the company did report a jump in sales in the quarter, which rose 11 percent to $300.2 million, compared with $271.5 million in the same period the year before.
"As a Company, we continue to have a very strong balance sheet and generate a significant amount of cash, which can be used to further innovate our businesses and make future acquisitions," said Gerald Rubin, CEO.
On Thursday, July 12, the company's stock was down 0.29 percent to $31.34.