Avon Products Beats Profit Estimates, Buoyed By Strength In Europe

Avon Products Inc. said Thursday it had net income of $91.4 million, or 21 cents a share, in the third quarter, after a loss of $5.5 million, or 1 cent a share, in the same period a year ago. Adjusted per-share earnings came to 23 cents, ahead of the FactSet consensus of 16 cents. Revenue fell 8% to $2.138 billion, compared with a FactSet consensus of $2.146 billion. "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," Chief Executive Sheri McCoy said in a statement. Avon shares were not yet active in premarket trade, but are down 36% in the year so far, while the S&P 500 has gained 7.2%.