Avon Products Revises FY Revenue Forecast After Q3 Loss

(RTTNews) - Avon Products (AVP), a manufacturer of beauty and related products, Wednesday updated its revenue outlook for the year. The company expects relatively unchanged constant-dollar revenue and an approximate 19 point negative impact on reported revenue due to foreign currency translation.

The previous projection was for modest constant-dollar revenue growth, with an approximate 17 point negative impact on reported revenue due to foreign currency translation.

For the third quarter, the company reported an attributable loss of $697.0 million or $1.58 per share, compared to earnings of $91.4 million or $0.21 per share last year.

Adjusted net loss was $0.11 per share, compared to adjusted net income of $0.23 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue dropped 22 percent to $1.667 billion from $2.138 billion in the prior year. Analysts expected revenues of $1.68 billion.

"This was a difficult quarter impacted by currency and other macro pressures, and our financial results were not where we would like them to be," said Sheri McCoy, Chief Executive Officer of Avon Products.