NEW YORK, New York — Avon's revenue dropped in the first quarter, as a strong dollar pressured sales. The direct seller of cosmetics' performance missed analysts' estimates.
The New York company lost $147.3 million, or 33 cents per share, for the three months ended March 31.
Earnings, adjusted for non-recurring costs and pretax expenses, came to 4 cents per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
Avon Products Inc. said Thursday that its revenue fell to $1.79 billion from $2.18 billion. Five analysts surveyed by Zacks expected higher revenue of $1.83 billion.
The biggest sales decline was in Latin America, which posted a 22 percent drop. North American sales fell 18 percent, while sales for Europe, the Middle East and Africa declined 16 percent.
On a constant currency basis, total revenue edged up 1 percent.
Avon said that it still expects full-year revenue to be up modestly, on a constant currency basis.
The stock shed 5 cents to $8.62 in premarket trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVP at http://www.zacks.com/ap/AVP
Keywords: Avon Products, Earnings Report