Revlon Shares Plummet 16% On Earnings Miss (REV)
Shares of Revlon, Inc. (NYSE: REV) are trading down 16.3% at $11.85 per share during the Thursday afternoon trading session. The day's trading range for shares of Revlon, Inc has been between $11.67 and $14.16 per share. Analysts covering the company's stock gave it a consensus price target of $21.00 per share.
Volume of 230,000 shares is already more than double the daily average volume of 96,000 shares.
Revlon, Inc. (REV) announced on Thursday morning that it failed to meet consensus Wall Street expectations. Revlon, Inc announced 3rd quarter earnings per share of 24 cents, on revenue of $319 million.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 42 cents per share, on revenue of $323.1 million.
President and chief executive officer Alan T. Ennis said, “We continue to focus on building our strong brands and improving our organizational capability. In the third quarter, our innovative new product launches performed well, namely Revlon Grow Luscious™ mascara, Revlon Just Bitten™ lipstain + balm, and our Almay franchise extensions. Our net sales during the third quarter were essentially unchanged year over year; we delivered growth in many of our markets globally, offsetting a decline in the U.S. In 2010, we continue to generate strong cash flow and have maintained highly competitive operating income margins while increasing brand investment.”
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