Avon Products (AVP) Misses Q1 EPS by 8c

Avon Products (NYSE: AVP) reported Q1 EPS of ($0.07), $0.08 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.33 billion.

"Our first quarter was broadly in line with our expectations and we remain confident in our strategic initiatives and the progress against our plan," said Sheri McCoy, Chief Executive Officer, Avon Products, Inc. "We are moving into the second year of our three-year Transformation Plan, in which we will continue to build on the robustness of our brand, drive beauty innovation, and invest in initiatives to enhance Representative engagement while ensuring continued cost discipline. Today we are providing full-year 2017 guidance consistent with our longer-term financial goals."

• Revenue increased 2% to $1.3 Billion; Decreased 1% in constant dollars1
• Active Representatives and Ending Representatives, both from Reportable Segments, declined 3% and 1%, respectively
• Operating Margin increased 160 bps to 2.2%; Adjusted1 Operating Margin decreased 130 bps to 2.9%
• Diluted Loss Per Share From Continuing Operations of $0.10; Adjusted Diluted Loss Per Share From Continuing Operations of $0.07
• Foreign currency favorably impacted both Diluted Loss Per Share and Adjusted Diluted Loss Per Share by an estimated $0.03 per share
• The Company is on track to achieve its 2017 cost savings target of $230 million
• As part of its Transformation Plan, the Company completed the implementation of a new Representative-facing system in Brazil

For earnings history and earnings-related data on Avon Products (AVP) click here.

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