Estee Lauder stock tumbles toward 5-month low after profit miss and lowered sales outlook

Shares of Estee Lauder Cos. EL sank 9.8% to a five-month low, after the beauty products company missed fiscal third-quarter profit expectations while beating on sales, but lowered its full-year sales outlook amid the slower-than-anticipated return to growth in Asia. Net income for the quarter to March 31 fell to $156 million, or 43 cents a share, from $558 million, or $1.53 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 47 cents was below the FactSet consensus of 51 cents. Sales fell 11.6% to $3.75 billion, but topped the FactSet consensus of $3.71 billion. Skin care sales…