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Avon Products Q1 Earnings Drop 82% on Charges; Adj Net Misses View (AVP)
Women's beauty products maker Avon Products, Inc. ( AVP ) on Tuesday posted a sharp decline in first quarter earnings, hurt by one-time items, as adjusted results fell short of Wall Street's expectations.
The New York-based company reported first quarter net income of $26.5 million, or 6 cents per share, compared with $143.6 million, or 33 cents per share, in the year-ago period. Excluding special items, adjusted profit was 10 cents per share.
Revenue fell 2% from last year to $2.58 billion.
On average, Wall Street analysts expected a much higher profit of 28 cents per share, albeit on slightly lower revenue of $2.52 billion.
Avon Products shares fell 60 cents, or -2.8%, in premarket trading Tuesday.
The Bottom Line
Shares of Avon Products ( AVP ) have a 4.26% dividend yield, based on last night's closing stock price of $21.60. The stock has technical support in the $18 price area. If the shares can firm up, we see overhead resistance around the $24 price level.
Avon Products, Inc. ( AVP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.