Avon Products Earnings: Misses Expectations as Profit Falls
S&P 500 (NYSE:SPY) component Avon Products Inc. (NYSE:AVP) reported its results for the third quarter. Avon Products is a global manufacturer and marketer of beauty, fashion, and home products.
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Avon Products Inc. Earnings Cheat Sheet
Results: Net income for the cosmetics fell to $32.6 million (7 cents per share) vs. $164.2 million (38 cents per share) a year earlier. This is a decline of 80.1% from the year-earlier quarter.
Revenue: Fell 7.7% to $2.55 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Avon Products Inc. reported adjusted net income of 17 cents per share. By that measure, the company fell short of mean estimate of 23 cents per share. Analysts were expecting revenue of $2.52 billion.
The company has now missed analyst estimates for the last four quarters. It fell short by one cent in the second quarter, by 18 cents in the first quarter, and by 13 cents in the fourth quarter of the last fiscal year.
Revenue has fallen for the past three quarters. In the second quarter, revenue declined 9.3% to $2.59 billion while the figure fell 2% in the first quarter from the year earlier.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 30 cents per share, down from 33 cents ninety days ago. At 83 cents per share, the average estimate for the fiscal year has fallen from 86 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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