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NEW YORK, United States — Avon Products Inc. on Thursday reported second-quarter profit of $28.8 million.
The New York, New York-based company said it had profit of 7 cents per share. Earnings, adjusted for restructuring costs and non-recurring costs, came to 11 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The direct seller of cosmetics posted revenue of $1.82 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.8 billion.
Avon shares have dropped 43 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 2 percent. The stock has decreased 58 percent in the last 12 months.
