UPDATE: Avon Products Q3 Earnings Top Street View

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Avon Products
AVP
reported upbeat earnings for the third quarter. The New York-based company posted quarterly net income of $91.4 million, or $0.21 per share, versus a year-ago loss of $5.5 million, or $0.01 per share. Its adjusted earnings came in at $0.23 per share. Its revenue declined 8% to $2.14 billion, but rose 1% in constant dollars. However, analysts were expecting earnings of $0.17 per share on revenue of $2.16 billion. Beauty sales slipped 9% in the quarter, but rose 1% in constant dollars. Fashion & Home sales dropped 11%, or 4% in constant dollars in the period. Total units slipped 4%, while average order rose 5% in the quarter. Adjusted gross margin shrank 110 basis points to 62.0% in the quarter. For the nine months ended September 30, 2014, net cash provided by operating activities was $126 million, up from $96 million in the year-ago period. Sheri McCoy, Chief Executive Officer of Avon Products said, "We saw good results from our EMEA region, while sluggish performance in Brazil contributed to softer results in Latin America. Despite the strong headwinds in a number of markets, we continue to make progress on Avon's turnaround journey." Avon Products shares declined 1.62% to close at $10.96 yesterday.
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Posted In: EarningsNewsprofit
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