Avon Products Profit Falls Short Of Estimates

Avon Products Inc. said Thursday it had a net loss of $10.7 million, or 4 cents a share, in the fourth quarter, narrower than the $333.4 million loss, or 76 cents a share, recorded in the year-earlier period. Excluding special charges, the direct seller of beauty products had adjusted per-share earnings of 1 cent, below the FactSet consensus of 9 cents. Revenue edged down to $1.57 billion from $1.61 billion, compared with a FactSet consensus of $1.61 billion. The company said it made good progress with a cost-cutting plan, exceeded its own cost targets and bolstering its balance sheet. The company is on track to deliver the $350 million in savings related to the plan over its three-year period. Shares were not yet active in premarket trade, but are up 74% in the last 12 months, outperforming the S&P 500 has gained 25%.