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Coty Stock Falls Despite Q4 Beat

NEW YORK (TheStreet) -- Shares of Coty (COTY) were declining 5.01% to $28.26 on heavy trading volume mid-Tuesday afternoon even though the company posted better-than-expected earnings and revenue for the 2016 fourth quarter.

Before the market open, the New York City-based beauty products maker reported adjusted earnings of 13 cents per share, topping analysts' estimates of 6 cents per share.

Revenue climbed to $1.08 billion from $1.02 billion a year ago and beat analysts' projections of $1.05 billion.

For fiscal 2017, Coty hopes that net revenue momentum will improve and return to growth in the...