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Avon Products Q1 profit falls 52.0% YOY

Avon Products Inc. said its first-quarter normalized net income came to 7 cents per share, compared with the S&P Capital IQ consensus estimate of 7 cents per share.

EPS declined 52.1% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $28.8 million, a decline of 52.0% from $60.0 million in the year-earlier period.

The normalized profit margin declined to 1.9% from 2.7% in the year-earlier period.

Total revenue declined 17.8% on an annual basis to $1.79 billion from $2.18 billion, and total operating expenses fell 17.2% on an annual basis to $1.70 billion from $2.05 billion.

Reported net income totaled a loss of $143.5 million, or a loss of 33 cents per share, compared to a loss of $165.0 million, or a loss of 38 cents per share, in the prior-year period.